MI HB4530

Changes actuarial language in Section 11 from "upon" to "on" regarding information supplied by the department for annual valuations.

Requires use of most recent mortality assumptions from the Actuarial Standards Board beginning with fiscal year ending September 30, 2021, with experience investigation studies reviewed at least every 5 years.

Mandates annual reporting to legislative leadership and committees beginning April 1 following risk assumption reviews, including forecasted investment returns at 5%, 25%, 50%, 75%, and 95% probability levels, actual returns, and mortality and retirement age assumptions.

Implements layered amortization with fixed and closed periods not exceeding 10 years using level dollar amortization method starting fiscal year 2021.

Reduces payroll growth assumption by 50 basis points annually beginning fiscal year 2022 until the rate reaches zero, caps investment return assumptions at 6% per annum starting fiscal year 2021, and requires unfunded actuarial accrued liability to be paid off by September 30, 2038.