SB 0262
Retirement: state employees; annuity option; provide for. Amends secs. 55, 58, 63, 63a & 69 of 1943 PA 240 (MCL 38.55 et seq.).
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the Michigan State Employees’ Retirement Act (MCL 38.55 et seq.) to provide options for state employees regarding their retirement annuity. Specifically, it expands the availability of fixed and variable annuity options offered by the state retirement system, aiming to give participants more control over their retirement savings. The bill also clarifies rules around employer contributions and matching, and establishes a process for selecting annuity providers to ensure they meet certain financial standards.
Sponsors
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Primary sponsor
Thomas A. Albert
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