Sec. 7.
The assets of the irrevocable trust shall be used exclusively for the benefit of past members and their funding account dependents and shall not be diverted for a purpose other than the payment of retirement health care benefits and the administrative costs of providing such benefits.
History: 2010, Act 77, Imd. Eff. May 19, 2010
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 77 of 2010 - Public Employee Retirement Health Care Funding Act (38.2731 - 38.2747)
Section 38.2731 - Short Title; Meanings of Words and Phrases.
Section 38.2732 - Definitions; D to H.
Section 38.2732a - Definitions; M to P.
Section 38.2732b - Definitions; R to V.
Section 38.2734 - Assets as Irrevocable.
Section 38.2735 - Assets; Use; Limitation.
Section 38.2736 - Assets Not Subject to Certain Processes of Law.
Section 38.2737 - Assets; Diversion for Other Purposes Prohibited.
Section 38.2739 - Written Trust Agreement; Contents.
Section 38.2740a - Health Reimbursement Account; Vesting; Rights.
Section 38.2742 - Severability.
Section 38.2743 - Trusts; Validity.
Section 38.2744 - Taxation of Assets and Income; Exemption.
Section 38.2745 - Trustee; Exception From Certain Responsibilities; Indemnification.