MI HB4734

Expands annuity options available to qualified participants in Michigan's public school employees retirement system to include fixed annuities (required), variable annuities (optional), and guaranteed lifetime income annuities (required).

Requires the investment board to select 2 or more annuity providers through a competitive proposal process, unless only 1 provider meets the criteria or selecting multiple providers is not in participants' interests.

Establishes mandatory financial strength and stability requirements for annuity providers, including authorization as an insurer, 7-year clean regulatory history, credit ratings of at least A2 (Moody's) or A (S&P, Fitch, or AM Best) from 2 of 4 rating agencies, and financial examination every 5 years.

Requires annuity providers to demonstrate experience serving public employee defined contribution plans, offer clear contract terms and reasonable assumptions, provide participant education tools, and submit periodic reports on annuitant numbers and annuity types to the investment board.

Takes effect 120 days after enactment, contingent on Senate Bill (number unspecified) or House Bill 4733 being enacted into law.