January 27, 2011, Introduced by Reps. Lund, Stamas, MacMaster, Johnson, Olson, Franz, LaFontaine, Genetski, Scott, Wayne Schmidt, Agema, Somerville, Knollenberg, Ouimet, Lori, Shirkey, Poleski, Forlini, Hughes, McMillin, Haveman, Walsh, Damrow, Bumstead, Gilbert, Potvin, Hooker, Yonker, Farrington, Price, Huuki, Tyler, Crawford, Cotter, Horn, Haines, Lyons and Moss and referred to the Committee on Oversight, Reform, and Ethics.
A bill to amend 1943 PA 240, entitled
"State employees' retirement act,"
by amending section 35 (MCL 38.35), as added by 2010 PA 185.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 35. (1) Except as otherwise provided in this section,
beginning
with the first pay date after November 1, 2010, and
ending
September 30, 2013, each member and
each qualified
participant shall contribute an amount equal to 3.0% of the
member's or qualified participant's compensation to the appropriate
funding account established under the public employee retirement
health care funding act, 2010 PA 77, MCL 38.2731 to 38.2747. The
member and qualified participant contributions shall be deducted by
the employer and remitted as employer contributions to the funding
account in a manner that the state budget office and the retirement
system shall determine. The state budget office and the retirement
system shall determine a method of deducting the contributions
provided for in this section from the compensation of each member
and qualified participant for each payroll and each payroll period.
(2) As used in this act, "funding account" means the
appropriate irrevocable trust created in the public employee
retirement health care funding act, 2010 PA 77, MCL 38.2731 to
38.2747, for the deposit of funds and the payment of retirement
health care benefits.
(3) The department of technology, management, and budget shall
ensure, to the maximum extent possible, that payments made under
this section shall be applied for any tax credits or tax liability
reduction under the health care and education reconciliation act of
2010, Public Law 111-152.