Bill Text: MI SB1585 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Retirement; investments; pension contribution accountability; create. Amends 1965 PA 314 (MCL 38.1132 - 38.1140m) by adding sec. 13f.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-11-10 - Referred To Committee On Appropriations [SB1585 Detail]

Download: Michigan-2009-SB1585-Introduced.html

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SENATE BILL No. 1585

 

 

November 10, 2010, Introduced by Senator SWITALSKI and referred to the Committee on Appropriations.

 

 

 

     A bill to amend 1965 PA 314, entitled

 

"Public employee retirement system investment act,"

 

(MCL 38.1132 to 38.1140m) by adding section 13f.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 13f. If a system is a defined benefit system and the

 

system has a contribution rate for an unfunded actuarial accrued

 

liability or an earnings rate assumption for actuarial purposes,

 

the system shall publish the following on a website and shall make

 

the information available to members and retirants:

 

     (a) Whether the contribution rate has increased or decreased

 

the unfunded actuarial accrued liability and, if so, by how much.

 

     (b) The difference between the actual rate of return on system

 

investments and the assumed rate of return on system investments.