SB-0022, As Passed Senate, June 17, 2015

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; to make an appropriation; and to repeal certain

acts and parts of acts.

Sec. 40c. (1) Subject to a supplemental actuarial analysis

required under section 20h of the public employee retirement system

investment act, 1965 PA 314, MCL 38.1140h, beginning October 1,

2015, if the annual retirement allowance, payable monthly, to a

retirant who meets the requirements of this section or a retirement

allowance beneficiary of a deceased retirant or member is less than

$16,000.00, the monthly retirement allowance payable to the

retirant or retirement allowance beneficiary is increased to make

the annual retirement allowance $16,000.00. 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 increased retirement allowance under this section must

be the basis on which future adjustments to the retirement

allowance are calculated.

(3) An amount not to exceed $5,000.00 is appropriated from the

general fund for the fiscal year ending September 30, 2015 for the

supplemental actuarial analysis described in subsection (1).