December 10, 2009, Introduced by Rep. Dillon and referred to the Committee on Public Employee Health Care Reform.
A bill to amend 1927 PA 339, entitled
"An act to authorize the establishment of a system of retiring
allowances for employes of public libraries now existing or which
may hereafter be established in incorporated cities of 250,000
population or more,"
by amending section 2 (MCL 38.702).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
2. (1) It shall be the duty of said the library
board
when
it that desires to establish a retirement system of retiring
allowances,
to apply to the local legislative
body and to submit to
said
the local legislative body for its approval and adoption
a
detailed
plan for such the
retirement system,
which shall be based
upon the following provisions and conditions:
(a)
It shall enumerate the classes of employes employees to be
included
in said the retirement system.
;
(b)
It shall fix the amount of the annual retiring retirement
allowance, the number of years of service necessary to entitle an
employe
employee to a retiring retirement allowance, the
age at
which
an employe employee may be retired, the nature and extent of
the
physical or mental disability which shall entitle an employe
employee to retire before reaching the age of retirement, and the
conditions
upon which the age of retirement may be anticipated. ;
(c)
It shall provide for a body to be known as the retiring
retirement fund trustees, which shall consist of 5 members. Two
members shall be elected by the staff; 2 members shall be appointed
by
said the local legislative body; and the terms of office of
said
the members shall be 4 years, except that when the system is first
put
into effect, the terms of office shall be so fixed so that
but
1 member's term shall expire each year. The fifth member shall be,
ex-officio,
the presiding officer of the said library board. Said
The
trustees shall have charge of said
retiring the retirement
allowance
fund and shall invest the same retirement
allowance fund
only
in such securities as that
are legal for savings banks. Said
The
trustees shall adopt such any rules
and by-laws as bylaws that
may
be necessary , and
not inconsistent with the state constitution
and
of 1963, laws of this state, and the provisions of this
act. ;
(d)
There shall be attached to such the
system as may be
recommended, the certificate of a recognized and competent actuary
stating that the system is actuarially sound, and the system shall
provide
for annual reports and valuations by such the actuary to
determine whether the fund is on a sound financial and actuarial
basis.
(2) If a recipient of a retirement allowance under this act
also receives retirement health benefits, then coverage provided
and plans authorized under this act shall be provided and
authorized in accordance with the Michigan health benefits program
act. Coverage provided and plans authorized in accordance with the
Michigan health benefits program act shall be subject to section 21
of the act.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. ____ or House Bill No. 5345(request no.
03986'09) of the 95th Legislature is enacted into law.