An act to amend 1980 PA 300, entitled “An act to provide a retirement system for the public school employees of this state; to create certain funds for this retirement system; to provide for the creation of a retirement board; to prescribe the powers and duties of the retirement board; to prescribe the powers and duties of certain state departments, agencies, officials, and employees; to authorize and make appropriations for the retirement system; to prescribe penalties and provide remedies; and to repeal acts and parts of acts,” by amending section 41 (MCL 38.1341), as amended by 2022 PA 220.
Senate Bill 511 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.
Co-sponsored by Sens.
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
Substitute S-2 offered
by
The substitute failed by voice vote
Passed in the Senate 24 to 14 (details)
Referred to the Committee on Appropriations
Reported without amendment
Substitute H-1 offered
by
The substitute failed by voice vote
Passed in the House 65 to 45 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Motion to give immediate effect
by
The motion prevailed by voice vote
