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MI HB4188
Bill
Status
12/8/2022
Primary Sponsor
Thomas Albert
Click for details
AI Summary
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Amends the Public School Employees Retirement System (PSERS) Tier 2 provisions to require offering fixed annuity options and allow offering variable annuity options to qualified participants during employment.
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Requires the state investment board to select 2 or more annuity providers through a competitive proposal process, with annuity providers meeting specified financial strength, stability, and experience requirements.
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Establishes minimum qualifications for annuity providers including authorized insurer status, clean regulatory history for 7 years, audited financial statements, and ratings of no less than A2 (Moody's), A (S&P), A (Fitch), or A (AM Best) from at least 2 rating agencies.
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Allows the investment board to select only 1 annuity provider if it determines multiple providers are not in participants' interests or only 1 provider meets requirements, with notification required to legislative leadership within 30 days.
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Takes effect 120 days after enactment and is contingent upon House Bill 4733 of the 101st Legislature being enacted into law.
Legislative Description
Retirement: public school employees; certain employer contributions to be paid from the state school aid fund; require. Amends sec. 127 of 1980 PA 300 (MCL 38.1427).
Retirement: public school employees
Last Action
Vetoed By The Governor 12/22/2022
12/8/2022