Bill Text: MI SB0693 | 2017-2018 | 99th Legislature | Engrossed

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Bill Title: Retirement; other; retirement system established by a library board; make subject to the protecting local government retirement and benefits act. Amends sec. 2 of 1927 PA 339 (MCL 38.702). TIE BAR WITH: SB 0686'17

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2017-12-12 - Referred To Committee On Michigan Competitiveness [SB0693 Detail]

Download: Michigan-2017-SB0693-Engrossed.html

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SB-0693, As Passed Senate, December 7, 2017

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 693

 

 

November 30, 2017, Introduced by Senators ROBERTSON, STAMAS and MARLEAU and referred to the Committee on Michigan Competitiveness.

 

 

     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 A library board when

 

it described in section 1 that desires to establish a retirement

 

system of retiring allowances, to shall 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 must be based upon on the following

 

provisions and conditions:

 

     (a) It shall must enumerate the classes of employes employees

 

to be included in said the retirement system. ;

 

     (b) It shall Subject to subsection (2), it must 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 that entitles an employe employee to retire

 

before reaching the age of retirement, and the conditions upon on

 

which the age of retirement may be anticipated. ;

 

     (c) It shall must provide for a body to be known as the

 

retiring retirement fund trustees, which shall must consist of 5

 

members. Two members shall must be elected by the staff; 2 members

 

shall must be appointed by said the local legislative body; and the

 

terms of office of said the members shall must be 4 years, except

 

that when the retirement system is first put into effect, the terms

 

of office shall must be so fixed so that but 1 member's term shall

 

expire expires each year. The fifth member shall must 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 must be attached to such the retirement system

 

as may be recommended, the certificate of a recognized and

competent actuary stating that the retirement system is actuarially

 

sound, and the retirement system shall must provide for annual

 

reports and valuations by such the actuary to determine whether the

 

fund is on a sound financial and actuarial basis.

 

     (2) Notwithstanding anything in this act to the contrary, a

 

retirement system established under this act is subject to the

 

protecting local government retirement and benefits act.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No._686                                  

 

            of the 99th Legislature is enacted into law.