There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 38 - CIVIL SERVICE AND RETIREMENT
Act 77 of 2010 - PUBLIC EMPLOYEE RETIREMENT HEALTH CARE FUNDING ACT (38.2731 - 38.2747)
PUBLIC EMPLOYEE RETIREMENT HEALTH CARE FUNDING ACTAct 77 of 2010
AN ACT to authorize and create irrevocable trusts for the purpose of holding, investing, and distributing assets to be used for certain postemployment health care benefits; to set forth certain rights that public employees have in retirement health care benefits under certain circumstances; to provide for the establishment and amendment of certain irrevocable trust agreements; and to prescribe certain powers and duties of certain retirement systems, state departments, public officials, and public employees.
History: 2010, Act 77, Imd. Eff. May 19, 2010
- Section 38.2731 - Short title.
- Section 38.2732 - Definitions.
- Section 38.2733 - Irrevocable trust; authorization; creation; establishment; governing board of each retirement system as grantor; members of retirement system board as trustees; deposits; distributions; funding account; preparation of annual financial statements.
- Section 38.2734 - Assets as irrevocable.
- Section 38.2735 - Assets; use; limitation.
- Section 38.2736 - Assets not subject to certain processes of law.
- Section 38.2737 - Assets; diversion for other purposes prohibited.
- Section 38.2738 - Remaining trust assets; dissolution; distribution.
- Section 38.2739 - Written trust agreement; contents.
- Section 38.2740 - Retirement health care benefits; prefunding; credit to funding account.
- Section 38.2741 - Written plan document; terms and conditions of payments of retirement health care benefits.
- Section 38.2742 - Severability.
- Section 38.2743 - Trusts; validity.
- Section 38.2744 - Taxation of assets and income.
- Section 38.2745 - Trustee; exception from certain responsibilities; indemnification.
- Section 38.2747 - Correction of error by trustees.
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