SB-0022, As Passed House, October 20, 2015

HOUSE SUBSTITUTE FOR

SENATE BILL NO. 22

     A bill to amend 1986 PA 182, entitled

"State police retirement act of 1986,"

(MCL 38.1601 to 38.1648) by amending the title and by adding

section 40c.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

TITLE

     An act to provide for the Michigan department of state police

retirement system; to create certain reserves and certain funds for

this retirement system; to provide for the creation of a retirement

board within the department of technology, management, and budget;

to prescribe the powers and duties of the retirement board; to

prescribe the powers and duties of the department of state police,

the department of technology, management, and budget, and certain

state officers; and to repeal certain acts and parts of acts.

     Sec. 40c. (1) Beginning October 1, 2015, and subject to an

annual appropriation, if the annual retirement allowance payable to

a retirant or a retirement allowance beneficiary of a deceased

retirant or member is less than $16,000.00 in the preceding fiscal

year, the retirement system shall pay the retirant or retirement

allowance beneficiary a supplemental benefit in the amount

sufficient to produce an annual retirement allowance of $16,000.00

for the current fiscal year. This section only applies to a

retirant or retirement allowance beneficiary of a deceased retirant

or member who meets both of the following requirements:

     (a) The retirant's or deceased retirant's effective date of

retirement was before October 1, 1986 or the retirement allowance

effective date for the retirement allowance beneficiary of the

deceased member was before October 1, 1986.

     (b) The retirant or retirement allowance beneficiary was in

payment status on the rolls of the retirement system on or before

the effective date of the amendatory act that added this section.

     (2) The payment of the supplemental benefit provided in

subsection (1) must be made on a schedule and in a manner

determined by the office of retirement services.