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Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Tuesday, December 10, 2019 1:30:00 PM
Senate: Adjourned until Tuesday, December 10, 2019 10:00:00 AM

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Act 77 of 2010
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Act 77 of 2010

AN ACT to authorize and create irrevocable trusts and individual accounts within the trusts for the purpose of holding, investing, and distributing assets to be used for certain postemployment health care benefits and reimbursement of medical expenses; to set forth certain rights that public employees have in retirement health care benefits and reimbursement of medical expenses 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 ;-- Am. 2011, Act 265, Imd. Eff. Dec. 15, 2011

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 38.2731SectionShort title; meanings of words and phrases.
Section 38.2732SectionDefinitions; D to H.
Section 38.2732aSectionDefinitions; M to P.
Section 38.2732bSectionDefinitions; R to V.
Section 38.2733SectionIrrevocable 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; establishment and maintenance of health reimbursement accounts; separate prefunding account.
Section 38.2734SectionAssets as irrevocable.
Section 38.2735SectionAssets; use; limitation.
Section 38.2736SectionAssets not subject to certain processes of law.
Section 38.2737SectionAssets; diversion for other purposes prohibited.
Section 38.2738SectionRemaining trust assets; dissolution; distribution; remaining health reimbursement account assets.
Section 38.2739SectionWritten trust agreement; contents.
Section 38.2740SectionRetirement health care benefits; prefunding; credit to funding account; contribution or credit to health reimbursement account.
Section 38.2740aSectionHealth reimbursement account; vesting; rights.
Section 38.2741SectionWritten plan document; terms and conditions of payments of retirement health care benefits and reimbursements of medical expenses.
Section 38.2742SectionSeverability.
Section 38.2743SectionTrusts; validity.
Section 38.2744SectionTaxation of assets and income; exemption.
Section 38.2745SectionTrustee; exception from certain responsibilities; indemnification.
Section 38.2747SectionCorrection of error by trustees.
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