Bill Text: MI SB0694 | 2017-2018 | 99th Legislature | Introduced
Bill Title: Retirement; fire and police; paying retiree health benefits from interest earned on a local unit of government retirement system subject to the protecting local government retirement and benefits act; provide for. Amends sec. 1 of 1966 PA 28 (MCL 38.571). TIE BAR WITH: SB 0686'17
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2017-12-28 - Assigned Pa 206'17 With Immediate Effect [SB0694 Detail]
Download: Michigan-2017-SB0694-Introduced.html
SENATE BILL No. 694
November 30, 2017, Introduced by Senators STAMAS and MARLEAU and referred to the Committee on Michigan Competitiveness.
A bill to amend 1966 PA 28, entitled
"An act to authorize the board of trustees of police and firemen
retirement systems, municipal employees retirement systems, or
county retirement systems to increase benefits,"
by amending section 1 (MCL 38.571), as amended by 2002 PA 602.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
1. The Subject to the
protecting local government and
retirement benefits act, the board of trustees with the approval of
the governing body of the county, city, village, or township of any
police and firemen retirement system, municipal employees
retirement system, or county retirement system may use not more
than 1/2 of the interest earned by any reserve fund in the system
to contract for medical, hospital, or nursing care for any person
receiving
benefits of the system. "Reserve As used in this section,
"reserve fund" means the money contributed by the city, village,
township, or county.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 686
of the 99th Legislature is enacted into law.
