Sec. 147b.
(1) The MPSERS retirement obligation reform reserve fund is created as a separate account within the state school aid fund.
(2) 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.
(3) Money available in the MPSERS retirement obligation reform reserve fund shall not be expended without a specific appropriation.
(4) 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.
(5) If the contributions described in section 43e of the public school employees retirement act of 1979, 1980 PA 300, MCL 38.1343e, as that section was added by 2010 PA 75, are determined by a final order of a court of competent jurisdiction for which all rights of appeal have been exhausted to be constitutional and if the order for preliminary injunction in case no. 10-45-MM issued on July 13, 2010 is lifted, the money placed in a separate interest bearing account as a result of implementing the preliminary injunction shall be deposited into the MPSERS retirement obligation reform reserve fund created in this section to be used solely for health care unfunded accrued liabilities.
History: Add. 2011, Act 62, Eff. Oct. 1, 2011 ;-- Am. 2012, Act 201, Eff. Oct. 1, 2012 ;-- Am. 2013, Act 60, Eff. Oct. 1, 2013
Last modified: October 10, 2016