MI HB5652

Amends section 604 of the Judges Retirement System Act to align the retirement system with Internal Revenue Code requirements for qualified governmental plans under section 401(a).

Requires the retirement system to comply with section 415 of the Internal Revenue Code regarding benefit limitations, with annual adjustments for cost-of-living increases made by the Commissioner of Internal Revenue.

Specifies that actuarially assumed interest rates for determining actuarial equivalent retirement allowances must be determined by the department director and retirement board in consultation with the actuary using adopted mortality tables.

Establishes that retirement system assets must be held in trust exclusively for meeting obligations to members, vested former members, retirants, and beneficiaries, and cannot be diverted for other purposes.

Applies qualified military service provisions under section 414(u) of the Internal Revenue Code for all military service after December 11, 1994, including treatment of death benefits for members who die during qualified military service.