Michigan Compiled Laws Act 187 Of 2014 Michigan Settlement Administration Authority Act (141.1601 - 141.1611)

AN ACT to create the Michigan settlement administration authority; to provide for the operation of the authority; to create certain funds; to authorize the resolution of certain potential claims against the state; to prescribe the powers and duties of the authority and certain other state officials and state employees; and to make certain appropriations.

History: 2014, Act 187, Imd. Eff. June 20, 2014

Section 141.1601 Short Title.
This act shall be known and may be cited as the "Michigan settlement administration authority act". History: 2014, Act 187, Imd. Eff. June 20,
Section 141.1602 Legislative Findings And Declarations.
The legislature finds and declares the following: (a) If certain requirements are fulfilled, this state shall make a contribution to reduce deficiencies in pension...
Section 141.1603 Definitions.
As used in this act: (a) "Authority" means the Michigan settlement administration authority created under section 4. (b) "Board" means the board of directors...
Section 141.1604 Michigan Settlement Administration Authority; Creation; Authority As State Institution; Appropriation.
(1) The Michigan settlement administration authority is created as a public body corporate and politic within the department of treasury. The authority is a...
Section 141.1605 Authority; Exercise Of Duties; Performance Of Administrative Functions.
The authority shall exercise its duties independently of the state treasurer. Any administrative functions of the authority shall be performed under the direction and...
Section 141.1606 Board Of Directors; Membership; Compensation; Travel And Expenses; Quorum; Vote; Members Subject To Mcl 15.321 To 15.330 And Mcl 15.301 To 15.310; Discharge Of Duties.
(1) The authority shall exercise its duties through its board of directors. (2) The board shall consist of 3 members as follows: (a) The...
Section 141.1607 Settlement Administration Fund; Creation; Deposit Of Money Or Other Assets; Investment; Interest And Earnings; Money Remaining At Close Of Fiscal Year; Expenditure.
(1) The settlement administration fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source...
Section 141.1608 Disbursement To Retirement Systems; Conditions; Return Of Money To Countercyclical Budget And Economic Stabilization Fund; Dissolution Of Authority.
(1) The authority shall either disburse the money in the fund to the retirement systems or return the money to the countercyclical budget and...
Section 141.1609 Public And Governmental Purpose.
It is determined that the creation of the authority, the appropriation made to the authority, and the carrying out of the authority's authorized purposes...
Section 141.1610 State Contribution; Obligation.
The obligation to make this state's contribution described in the contribution agreement is not a general obligation or indebtedness of this state or the...
Section 141.1611 Liability.
This state, a state official or state-related entity, as defined in the plan for adjustment, the state treasurer, the authority, a board member, an...

Last modified: October 10, 2016