MI HB5308

Amends the 1927 Public Libraries Retirement Act to make library board retirement systems subject to the Protecting Local Government Retirement and Benefits Act.

Maintains existing requirements for retirement system plans, including employee classification, retirement allowance amounts, years of service requirements, and retirement age conditions.

Requires retirement fund trustees to consist of 5 members: 2 elected by staff, 2 appointed by the local legislative body, and the library board's presiding officer serving ex-officio, with 4-year terms.

Requires retirement systems to be certified as actuarially sound by a recognized actuary and include annual reports and valuations to ensure sound financial basis.

Takes effect only upon enactment of Senate Bill 686 of the 99th Legislature; effective date December 20, 2017.