MI HB5002

Extends the period during which university reporting units must pay unfunded actuarial accrued liability contributions equal to the actuarially determined contribution from fiscal year 2023 only to fiscal years ending September 30, 2023 and September 30, 2024.

Requires contributions for university reporting units in fiscal years 2023 and 2024 to reflect appropriations made under section 236h of the state school aid act of 1979, as amended by 2022 PA 144 and 2023 PA 103.

Changes the pension and retiree health care payroll growth assumption rate for non-university reporting units from 1.75% to 0.75% for the state fiscal year ending September 30, 2024.

Delays the annual 50 basis point reduction in payroll growth assumption rates for non-university reporting units from fiscal year 2024 to beginning fiscal year 2025, with potential for 25 basis point reductions if impact reaches 7% threshold.