Sec. 12.
(1) If the department receives notification from the United States internal revenue service that this act or any portion of this act will cause any retirement system to be disqualified for tax purposes under the internal revenue code, or prevent any irrevocable trust from meeting the requirements of section 115 of the internal revenue code, 26 USC 115, then the portion that will cause the disqualification does not apply.
(2) The provisions of this act are severable. If any part of this act is declared invalid or unconstitutional, that declaration shall not affect the remaining part of this act.
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.