MI HB6378

Allows individuals first employed by tax-supported community or junior colleges before July 1, 2014 to claim and receive credit for previously unreported service by filing an application by January 31, 2020 and paying back contributions plus interest.

Requires community and junior colleges to submit reports by August 31, 2018 detailing service and contributions for part-time student-employees, with the retirement system submitting a summary report to legislative education committees by September 30, 2018.

Establishes that community and junior colleges must pay supplemental employer contributions for service claimed under the new provisions, with financial obligations satisfied upon full payment of assessed contributions.

Modifies the payroll growth assumption rate for non-university reporting units, requiring a 50 basis point annual reduction beginning in fiscal year 2022 until reaching zero, with provisions allowing 25 basis point reductions if contributions exceed 7% of the prior year's liability.

Requires annual actuarial reports submitted every April 1 to the legislature and appropriations committees showing forecasted investment returns at multiple probability levels, mortality assumptions, retirement age assumptions, and other material financial impacts on the retirement system.