MI HB5310

Amends the Municipal and Judicial Retirement System Act to make retirement board powers subject to the Protecting Local Government Retirement and Benefits Act.

Establishes a 9-member retirement board consisting of 2 appointed members with retirement/investment experience, 1 retiree member, 3 municipal/court officer members, and 3 employee members from different counties.

Grants the retirement board exclusive authority to employ professional services (actuarial, legal, accounting, investment) with complete control of procurement and to establish system provisions including benefit eligibility, contribution amounts, and program options.

Requires the chief executive officer to manage the retirement system, invest assets consistent with the Public Employee Retirement System Investment Act, and prepare annual budgets for board approval.

Takes effect only if Senate Bill 686 of the 99th Legislature is enacted into law; approved December 19, 2017 with an effective date of December 20, 2017.