QUARTERLY ONLINE PUBLISHING

OF PENSION BOARD EXPENDITURES

House Bill 4156

Sponsor:  Rep. Tom McMillin

Committee:  Oversight, Reform, and Ethics

Complete to 2-1-11

A REVISED SUMMARY OF HOUSE BILL 4156 AS INTRODUCED 1-26-11

House Bill 4156 would amend the Public Employee Retirement System Investment Act to require that a public employee retirement system that is in a political subdivision of Michigan having a population of 500,000 or more publish and make available to the public on a website all expenditures made by the board of the system. 

Under the bill, the expenditures would include, but not be limited to, travel expenditures by board members and the system budget.  Further, the expenditure disclosure would have to include all expenditures made by the board of the system and its members.  Publication and availability of the information must be on a quarterly basis.

(The act applies to public employee retirement systems or plans created and established by the state or any political subdivision.  The term "political subdivision" does not appear to be defined in the act. In Michigan, one city meets the population requirement -- the City of Detroit.  Four counties meet the population requirement -- Wayne, Oakland, Macomb, and Kent.)

MCL 38.1133

FISCAL IMPACT:

The bill would have no fiscal impact on the State.  The bill could create additional administrative costs for applicable local government pension systems by requiring them to publish quarterly pension board expenditures and pension system budget information online, but costs would likely be minimal.

                                                                                           Legislative Analyst:   J. Hunault

                                                                                                  Fiscal Analyst:   Bethany Wicksall

■ This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.