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Mpsers Retirement Obligation Reform Reserve Fund; Creation; Investment; Interest and Earnings; Workgroup - Mich. Comp. Laws Section 388.1747bLegal Research Home > Michigan Laws > Schools And School Aid > Mpsers Retirement Obligation Reform Reserve Fund; Creation; Investment; Interest and Earnings; Workgroup - Mich. Comp. Laws Section 388.1747b Sec. 147b. (1) From the appropriation in section 11, there is allocated an amount not to exceed $133,000,000.00 for 2011-2012 and an amount not to exceed $41,000,000.00 for 2012-2013 for the purposes of this section. The money allocated in this section represents a portion of the year-end school aid fund balance. Money allocated under this section shall be deposited in the MPSERS retirement obligation reform reserve fund. (2) The MPSERS retirement obligation reform reserve fund is created as a separate account within the state school aid fund. The state treasurer may receive money or other assets from any source for deposit into the MPSERS retirement obligation reform reserve fund. The state treasurer shall direct the investment of the MPSERS retirement obligation reform reserve fund. The state treasurer shall credit to the MPSERS retirement obligation reform reserve fund interest and earnings from the MPSERS retirement obligation reform reserve fund. Money in the MPSERS retirement obligation reform reserve fund at the close of the fiscal year shall remain in the MPSERS retirement obligation reform reserve fund and shall not lapse to the state school aid fund or to the general fund. The department of treasury shall be the administrator of the MPSERS retirement obligation reform reserve fund for auditing purposes. (3) It is the intent of the legislature that the speaker of the house of representatives or the senate majority leader, or both, shall convene a workgroup to examine retirement obligations and potential reforms to the Michigan public school employees' retirement system established under the public school employees retirement act of 1979, 1980 PA 300, MCL 38.1301 to 38.1408. The chair of the senate appropriations committee and chair of the house appropriations committee, or his or her designee, each shall be a member of the workgroup, and the workgroup shall report to the speaker of the house of representatives or the senate majority leader, as applicable, by February 1, 2012, on reforms identified, timelines for implementing reforms, and estimated costs and savings of the identified reforms.
Last modified: March 17, 2013 |
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