MI SB0511

Modifies unfunded actuarial accrued liability contribution requirements for university reporting units for fiscal years ending September 30, 2023 and 2024 to equal the actuarially determined contribution rather than the minimum amount floor previously required.

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

Establishes payroll growth assumption rate reductions for non-university reporting units beginning fiscal year 2024, starting at 0.75% and reducing by 50 basis points annually until reaching zero.

Allows the office of retirement services to reduce payroll growth assumption rate by 25 basis points instead of 50 basis points in any fiscal year where the reduction would increase unfunded actuarial accrued liability contributions by 7% or more.

Takes immediate effect upon approval on November 7, 2023.