June 16, 2011, Introduced by Rep. Moss and referred to the Committee on Government Operations.
A bill to amend 1957 PA 261, entitled
"Michigan legislative retirement system act,"
by amending section 63 (MCL 38.1063), as amended by 2002 PA 97.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 63. After consulting the retirement system's actuary, the
board shall calculate for each fiscal year any cost savings that
have
accrued to this state as a result of the implementation of the
amendatory
act that added this section 1996
PA 486 over the costs
that would have been incurred by this state to fund this retirement
system
had the amendatory act that added this section 1996 PA 486
not been implemented. The total amount of the cost savings shall be
submitted in the executive budget to the legislature for
appropriation in the next succeeding state fiscal year to the
health
insurance fund created by section 22c. Any amount
appropriated
pursuant to this section and accumulated earnings on
those
amounts shall not be expended until the actuarial accrued
liability
for health benefits under section 50b is 100% funded.