MCL - Act 77 of 2010


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

The People of the State of Michigan enact:
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.