A bill to amend 1980 PA 300, entitled “The public school employees retirement act of 1979,” by amending section 41 (MCL 38.1341), as amended by 2022 PA 220.
House Bill 5002 is a budget implementation bill associated with 2023 PA 103 that would amend the Public School Employees Retirement Act to do both of the following: • Revise the unfunded actuarial accrued liability (UAAL) contribution for a university reporting unit based on the deposit of an additional $200.0 million in FY 2022-23 to reduce the UAAL for the seven universities participating in the Michigan Public School Employees’ Retirement System (MPSERS). • Revise the payroll growth assumption rate for a non-university reporting unit to reflect the accelerated reduction funded in 2023 PA 103.
Introduced
by
Referred to the Committee on Appropriations
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Passed in the House 69 to 41 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Appropriations
