Mich. Comp. Laws § 38.1212
This is the official text of Mich. Comp. Laws § 38.1212, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Definitions.
Official statutory text
Sec. 2.
As used in this act:
(a) "Bankruptcy trust" means a trust created by a court order, including a plan for adjustment.
(b) "Bankruptcy trust beneficiary" means an individual who is eligible to receive health care benefits under a bankruptcy trust.
(c) "Board of trustees" or "board" means the governing board of a bankruptcy trust.
(d) "Fund" means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation.
(e) "Investment fiduciary" means a person who does any of the following:
( i ) Exercises any discretionary authority or control in the investment of the fund's or trust's assets.
( ii ) Renders investment advice to a fund or trust for a fee or other direct or indirect compensation.
(f) "Plan for adjustment" means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation.
(g) "Public corporation" means a county, city, village, township, authority, district, board, or commission in this state.
(h) "Qualified person" means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation.
(i) "Trust" means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits.
History: 1999, Act 149, Imd. Eff. Nov. 1, 1999; Am. 2016, Act 557, Imd. Eff. Jan. 10, 2017
As used in this act:
(a) "Bankruptcy trust" means a trust created by a court order, including a plan for adjustment.
(b) "Bankruptcy trust beneficiary" means an individual who is eligible to receive health care benefits under a bankruptcy trust.
(c) "Board of trustees" or "board" means the governing board of a bankruptcy trust.
(d) "Fund" means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation.
(e) "Investment fiduciary" means a person who does any of the following:
( i ) Exercises any discretionary authority or control in the investment of the fund's or trust's assets.
( ii ) Renders investment advice to a fund or trust for a fee or other direct or indirect compensation.
(f) "Plan for adjustment" means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation.
(g) "Public corporation" means a county, city, village, township, authority, district, board, or commission in this state.
(h) "Qualified person" means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation.
(i) "Trust" means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits.
History: 1999, Act 149, Imd. Eff. Nov. 1, 1999; Am. 2016, Act 557, Imd. Eff. Jan. 10, 2017
Status: in_force · Read it on the official government site
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