MI HB4275

Amends the State Employees' Retirement Act to require the State Investment Board (rather than the State Treasurer) to manage investment options for Tier 2 retirement plan participants.

Requires the retirement system to offer at least one fixed annuity option and one variable annuity option, including guaranteed lifetime income options for fixed and variable rate annuities while participants are employed.

Mandates the Investment Board select and contract with at least 2 annuity providers through a competitive proposal process, with providers meeting strict financial stability and operational requirements including B+ rating from a national rating service.

Allows selection of only 1 annuity provider if the Board determines multiple providers are not in participants' interests or if only 1 provider meets the conditions; requires notification to legislative leaders within 30 days if this occurs.

Takes effect 120 days after enactment and is contingent on House Bill 4274 being enacted into law.