MI HB4968

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

Grants the auditor authority to access all books, records, documents, and accounts of state retirement systems and participating employers.

Requires the auditor to annually review and certify required employer contributions for each retirement system and conduct performance audits and program evaluations.

Mandates the auditor prepare 30-year projected annual required employer contribution analyses addressing unfunded liabilities and normal costs, and provide actuarial notes on retirement system-related legislation.

Requires annual reports to the legislature beginning January 1, 2022, with comparative five-year summaries of actuarial assumptions and funding ratios beginning January 1, 2023.