Sec. 6.
(1) To apply for a waiver of the underfunded status determination under section 5, the local unit of government's administrative officer and governing body must approve a plan demonstrating the underfunded status is being addressed and must approve the waiver application. The state treasurer shall issue a waiver of the determination of underfunded status for a local unit of government if the state treasurer determines that the underfunded status is adequately being addressed by the local unit of government.
(2) For any underfunded local unit of government that is not granted a waiver, the department of treasury shall do all of the following:
(a) Undertake an individualized and comprehensive internal review of the local unit of government's retirement system.
(b) Discuss changes or reforms that have been made with the local unit of government's designated officials.
(c) Review actuarial projections, including trends and forecasts.
History: 2017, Act 202, Imd. Eff. Dec. 20, 2017
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 202 of 2017 - Protecting Local Government Retirement and Benefits Act (38.2801 - 38.2812)
Section 38.2801 - Short Title.
Section 38.2802 - Legislature Findings and Declarations.
Section 38.2803 - Definitions.
Section 38.2808 - Development of Corrective Action Plan; List of Best Practices and Strategies.
Section 38.2809 - Corrective Action Plan; Development and Submission for Approval.