Michigan Laws 388.1836h – Payments for pension and other postemployment benefit unfunded actuarial accrued liabilities; participating public universities; allocation percentage; lump sum payment
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Terms Used In Michigan Laws 388.1836h
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) For fiscal year 2022-2023 only, in addition to the allocations under section 236(4) and (9), there is allocated an amount not to exceed $200,000,000.00 for payments to participating public universities, appropriated from the state school aid fund. A public university that receives money under this subsection shall use that money solely for the purpose of payments toward the pension and other postemployment benefit unfunded actuarial accrued liabilities associated with members and pension recipients of those participating public universities. As used in this section, “participating public universities” means public universities that are reporting units of the Michigan public school employees’ retirement system under the public school employees retirement act of 1979, 1980 PA 300, MCL 38.1301 to 38.1437, and that pay contributions to the Michigan public school employees’ retirement system for the state fiscal year.
(2) The amount allocated in subsection (1) must be allocated to each participating public university based on each participating public university’s percentage of the total combined payrolls of the universities’ employees who are members of the retirement system and who were hired before January 1, 1996 and the universities’ employees who would have been members of the retirement system on or after January 1, 1996, but for the enactment of 1995 PA 272 for all public universities that are participating public universities for the immediately preceding state fiscal year.
(3) Participating public universities receiving funds under this section shall forward an amount equal to the amount allocated under subsection (1) to the retirement system in a form, manner, and time frame determined by the retirement system.
(4) Amounts allocated in subsection (1) must be paid to participating public universities in 1 lump-sum installment no later than September 30, 2023.