2018 Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 149 of 1999 PUBLIC EMPLOYEE HEALTH CARE FUND INVESTMENT ACT (38.1211 - 38.1216)
Section 38.1212 Definitions.
Sec. 2.
As used in this act:
(a) "Bankruptcy trust" means a trust created by a court order, including a plan for adjustment.
(b) "Bankruptcy trust beneficiary" means an individual who is eligible to receive health care benefits under a bankruptcy trust.
(c) "Board of trustees" or "board" means the governing board of a bankruptcy trust.
(d) "Fund" means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation.
(e) "Investment fiduciary" means a person who does any of the following:
(i) Exercises any discretionary authority or control in the investment of the fund's or trust's assets.
(ii) Renders investment advice to a fund or trust for a fee or other direct or indirect compensation.
(f) "Plan for adjustment" means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation.
(g) "Public corporation" means a county, city, village, township, authority, district, board, or commission in this state.
(h) "Qualified person" means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation.
(i) "Trust" means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits.
History: 1999, Act 149, Imd. Eff. Nov. 1, 1999 ;-- Am. 2016, Act 557, Imd. Eff. Jan. 10, 2017