A bill to amend 1943 PA 240, entitled “State employees’ retirement act,” by amending section 55 (MCL 38.55), as amended by 2011 PA 264, and by adding sections 50b and 64a.
House Bills 6032 and 6033 allows certain state employees to switch retirement systems, introduces specific election periods, and modifies existing retirement laws to facilitate this transition as well as redefining membership, adjusting compensation calculations, establishing separate contribution rates for certain positions, and allowwing service credit purchases, with a focus on addressing unfunded liabilities by 2038.
Introduced
by
Referred to the Committee on Labor
