MI HB4534

Creates the office of the retirement system auditor within the legislative council, with an auditor appointed by and serving at the pleasure of the council.

Auditor must annually review, calculate, and certify annual required employer contributions for each retirement system under the Public Employee Retirement System Investment Act.

Auditor shall conduct performance audits and program evaluations, prepare 30-year projected employer contribution analyses, and provide actuarial notes on proposed retirement-related legislation.

Auditor has access to all books, records, documents, and accounts of each retirement system and participating employer upon request from the office of retirement services.

Auditor must submit annual reports to the legislature beginning January 1, 2020, with comparative summaries of actuarial assumptions and funding ratios required every 5 years starting January 1, 2021.