Bill Text: MI SB0723 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Retirement; public school employees; local administration of Tier 2; provide for. Amends sec. 125 of 1980 PA 300 (MCL 38.1425). TIE BAR WITH: SB 0722'13
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-12-12 - Referred To Committee On Appropriations [SB0723 Detail]
Download: Michigan-2013-SB0723-Introduced.html
SENATE BILL No. 723
Introduced by Senator PAVLOV.
A bill to amend 1980 PA 300, entitled
"The public school employees retirement act of 1979,"
by amending section 125 (MCL 38.1425), as added by 2010 PA 75.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
125. (1) The Subject to
section 131a, the department
shall administer Tier 2 and shall be the fiduciary and trustee of
Tier 2. The department may appoint an advisory board to assist the
department in carrying out its duties as fiduciary and trustee. The
department and the state treasurer shall comply with Executive
Reorganization Order No. 1999-5, MCL 38.2721, in the administration
of Tier 2.
(2) The department shall determine the provisions and
procedures of Tier 2 and the plan document in conformity with this
act and the internal revenue code.
(3)
The Subject to section
131a, the department has the
exclusive authority and responsibility to employ or contract with
personnel and for services that the department determines necessary
for the proper administration of and investment of assets of Tier
2, including, but not limited to, managerial, professional, legal,
clerical, technical, and administrative personnel or services.
(4)
Each employer shall be deemed is
considered to have
adopted and shall comply with the provisions and procedures of Tier
2 and the plan document.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 722
of the 97th Legislature is enacted into law.
