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Michigan Legislature
Michigan Compiled Laws Complete Through PA 15 of 2018
House: Adjourned until Tuesday, February 20, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, February 20, 2018 10:00:00 AM

Michigan Legislature

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Section 38.2653

Act 234 of 1992

38.2653 Calculation and submission of cost savings.

Sec. 703.

After consulting the retirement system's actuary, the department of management and budget shall calculate for each fiscal year any cost savings that have accrued to this state as a result of the implementation of the amendatory act that added this section over the costs that would have been incurred by this state to fund this retirement system had the amendatory act that added this section not been implemented. The total amount of such cost savings shall be submitted in the executive budget to the legislature for appropriation in the next succeeding state fiscal year to the reserve for health benefits created by section 214. Any amount appropriated pursuant to this section and accumulated earnings on those amounts shall not be expended until the actuarial accrued liability for health benefits under section 509 is 100% funded.

History: Add. 1996, Act 523, Eff. Mar. 31, 1997

© 2017 Legislative Council, State of Michigan

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