Mich. Comp. Laws § 38.2653
This is the official text of Mich. Comp. Laws § 38.2653, 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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Calculation and submission of cost savings.
Official statutory text
Sec. 703.
After consulting the retirement system's actuary, the department of management and budget shall calculate for each fiscal year any cost savings that have accrued to this state as a result of the implementation of the amendatory act that added this section over the costs that would have been incurred by this state to fund this retirement system had the amendatory act that added this section not been implemented. The total amount of such cost savings shall be submitted in the executive budget to the legislature for appropriation in the next succeeding state fiscal year to the reserve for health benefits created by section 214. Any amount appropriated pursuant to this section and accumulated earnings on those amounts shall not be expended until the actuarial accrued liability for health benefits under section 509 is 100% funded.
History: Add. 1996, Act 523, Eff. Mar. 31, 1997
After consulting the retirement system's actuary, the department of management and budget shall calculate for each fiscal year any cost savings that have accrued to this state as a result of the implementation of the amendatory act that added this section over the costs that would have been incurred by this state to fund this retirement system had the amendatory act that added this section not been implemented. The total amount of such cost savings shall be submitted in the executive budget to the legislature for appropriation in the next succeeding state fiscal year to the reserve for health benefits created by section 214. Any amount appropriated pursuant to this section and accumulated earnings on those amounts shall not be expended until the actuarial accrued liability for health benefits under section 509 is 100% funded.
History: Add. 1996, Act 523, Eff. Mar. 31, 1997
Status: in_force · Read it on the official government site
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