Michigan Laws 38.1216 – Actuarial review; report
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Terms Used In Michigan Laws 38.1216
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- 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. See Michigan Laws 38.1212
- 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. See Michigan Laws 38.1212Trust: means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits. See Michigan Laws 38.1212
The investment fiduciary shall have an actuarial review of the fund or trust prepared at least every 5 years with assets valued on a market related basis. The investment fiduciary shall prepare and issue a summary annual report to the legislative body of the public corporation that established the fund or trust.