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MI HB5307
Bill
Status
12/7/2017
Primary Sponsor
Eric Leutheuser
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AI Summary
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Amends 1966 PA 28 to allow retirement system boards (police, firemen, municipal employees, and county systems) to use up to one-half of interest earned by reserve funds to contract for medical, hospital, or nursing care for benefit recipients.
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Requires approval from the governing body of the county, city, village, or township before the board of trustees may use reserve fund interest for retiree health benefits.
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Defines "reserve fund" as money contributed by the city, village, township, or county.
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Makes all changes subject to the Protecting Local Government Retirement and Benefits Act.
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Legislation is contingent on enactment of Senate Bill No. ____ or House Bill No. 5298.
Legislative Description
Retirement; fire and police; paying retiree health benefits from interest earned on a local unit of government retirement system subject to the protecting local government retirement and benefits act; provide for. Amends sec. 1 of 1966 PA 28 (MCL 38.571). TIE BAR WITH: HB 5298'17
Retirement: other
Last Action
Referred To Committee On Government Operations
12/12/2017