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)
Act 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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