MI HB6371

Prohibits local units of government from using rolling amortization, open amortization, or other adjustable amortization methods for unfunded actuarial accrued liabilities in retirement pension systems for fiscal years beginning after December 31, 2020.

Applies to local units that have offered or offered retirement pension benefits to employees or former employees first employed before June 1, 2019.

Prevents local units from extending amortization periods for unfunded actuarial accrued liabilities after December 31, 2020.

Allows one extension of the December 31, 2020 deadline to no later than December 31, 2025 if requested by the local unit and approved by the state treasurer.

Requires the state treasurer to consult with the retirement system fiduciary before approving an extension, and may only approve if determined to be in the local unit's best financial interests.