MI SB0772

Removes cost-sharing requirement for unfunded actuarial accrued liability contributions for members who first became members on or after February 1, 2018, making these contributions employer-paid rather than split 50/50 between employer and employee.

Establishes a 10-year level-dollar amortization schedule for any increases or decreases in unfunded actuarial accrued liabilities associated with members who first became members on or after February 1, 2018, with a new contribution rate calculated annually.

Eliminates automatic retirement age increases based on mortality experience studies for newer members, removing provisions that would have increased the regular retirement age when life expectancy increased.

Makes technical corrections to statutory language, changing "shall" to "must," "by" to "under," and clarifying effective dates to July 13, 2017 in various sections.

Applies to members of the Public School Employees Retirement Act of 1979, affecting how pension contribution costs are allocated between employers and employees for those hired on or after February 1, 2018.