MI SB1177

Amends Section 147 of the State School Aid Act of 1979 regarding allocations to the Public School Employees' Retirement System for fiscal year 2016-2017.

Establishes annual level percentage of payroll contribution rates for seven different employee categories based on hire date and retirement plan selection, ranging from 32.66% to 36.64%, with employer contributions ranging from 20.96% to 24.94%.

Requires employers to pay applicable contributions to the Tier 2 plan in addition to the employer payments specified for each employee category.

Changes the amortization period reference from a fixed 22-year period to the amortization period determined under Section 41 of the Public School Employees Retirement Act of 1979.

Requires the Public School Employees' Retirement System board to notify each district and intermediate district by February 28 of each fiscal year of the estimated contribution rate for the next fiscal year.