MCL - 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
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Am. 2011, Act 265, Imd. Eff. Dec. 15, 2011
| Document | Type | Description |
|---|---|---|
| Section 38.2731 | Section | Short title; meanings of words and phrases. |
| Section 38.2732 | Section | Definitions; D to H. |
| Section 38.2732a | Section | Definitions; M to P. |
| Section 38.2732b | Section | Definitions; R to V. |
| Section 38.2733 | Section | 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; establishment and maintenance of health reimbursement accounts; separate prefunding account. |
| Section 38.2734 | Section | Assets as irrevocable. |
| Section 38.2735 | Section | Assets; use; limitation. |
| Section 38.2736 | Section | Assets not subject to certain processes of law. |
| Section 38.2737 | Section | Assets; diversion for other purposes prohibited. |
| Section 38.2738 | Section | Remaining trust assets; dissolution; distribution; remaining health reimbursement account assets. |
| Section 38.2739 | Section | Written trust agreement; contents. |
| Section 38.2740 | Section | Retirement health care benefits; prefunding; credit to funding account; contribution or credit to health reimbursement account. |
| Section 38.2740a | Section | Health reimbursement account; vesting; rights. |
| Section 38.2741 | Section | Written plan document; terms and conditions of payments of retirement health care benefits and reimbursements of medical expenses. |
| Section 38.2742 | Section | Severability. |
| Section 38.2743 | Section | Trusts; validity. |
| Section 38.2744 | Section | Taxation of assets and income; exemption. |
| Section 38.2745 | Section | Trustee; exception from certain responsibilities; indemnification. |
| Section 38.2747 | Section | Correction of error by trustees. |