A bill to amend 1943 PA 240, entitled “State employees’ retirement act,” by amending sections 55, 58, 63, 63a, and 69 (MCL 38.55, 38.58, 38.63, 38.63a, and 38.69), section 55 as amended and section 63a as added by 2011 PA 264, sections 58 and 63 as added by 1996 PA 487, and section 69 as amended by 2002 PA 99.
The legislation ensures annuity options available under the State Employees Retirement Act are suitable, offer a range of lifetime income options, and have reasonable costs. It mandates the office of retirement services to verify and publish reports on annuity providers and outlines the selection process for these providers, including a notification requirement to legislative leaders if only one provider is selected.
Introduced
by
Referred to the Committee on Labor
