Introduced
by
To offer state employees the same 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. See House Bill 5230, which would establish regulations related to this.
Referred to the Committee on Financial Liability Reform
Reported without amendment
With the recommendation that the substitute (H-3) 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 extend the proposed "look-back" period for the performance of insurers under consideration as potential annuity providers from 5 years to 7 years.
The amendment failed 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that was proposed by the Obama administration (and imposed via executive fiat invalidated by federal courts), and later withdrawn by the Trump administration.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 71 to 37 (details)
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 offer state employees the same 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. See House Bill 5230, which would establish regulations related to this.
Passed in the House 72 to 35 (details)
To concur with the Senate-passed version of the bill.
