Introduced
by
To establish details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for school employees, which would also apply to the insurance company selected to provide and administer this benefit. House Bill 5231 would offer the same benefit to state employees.
Referred to the Committee on Financial Liability Reform
Reported without amendment
With the recommendation that the substitute (H-4) be adopted and that the bill then pass.
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Amendment offered
by
To establish minimum ratings from specified credit ratings agencies that the company selected to provide the annuity must meet.
The amendment failed by voice vote
Amendment offered
by
To require the insurance company selected to provide the annuity to comply with a "fiduciary duty" rule that was proposed by the Obama administration (and imposed via executive fiat invalidated by federal courts), and later withdrawn by the Trump administration.
The amendment failed by voice vote
Passed in the House 73 to 35 (details)
To establish details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for school employees, which would also apply to the insurance company selected to provide and administer this benefit. The bill also eliminates a requirement to (but does not prohibit) offer a "variable" annuity in addition to a "fixed" annuity (which is still required). House Bill 5231 would offer the same benefit to state employees.
Motion to reconsider
by
The vote by which the bill was passed.
The motion passed by voice vote
Received
Passed in the House 73 to 35 (details)
To establish details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for school employees, which would also apply to the insurance company selected to provide and administer this benefit. The bill also eliminates a requirement to (but does not prohibit) offer a "variable" annuity in addition to a "fixed" annuity (which is still required). House Bill 5231 would offer the same benefit to state employees.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
To establish details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for school employees, which would also apply to the insurance company selected to provide and administer this benefit. The bill also eliminates a requirement to (but does not prohibit) offer a "variable" annuity in addition to a "fixed" annuity (which is still required). House Bill 5231 would offer the same benefit to state employees.
Passed in the House 71 to 36 (details)
To concur with the Senate-passed version of the bill.
