Children: other; rolling average amount for disbursement under the children’s trust fund; increase. Amends sec. 1 of 1982 PA 249 (MCL 21.171).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Children’s Trust Fund, which is a charitable and educational endowment fund. It changes how money is disbursed from the fund, specifically by introducing a rolling average calculation. Starting in fiscal year 2018, a percentage of the fund’s 12-quarter rolling average (including unrealized gains and losses) will be available for disbursement, increasing from 4.25% to 5% in 2018, 8% in 2026, and potentially higher depending on the fund’s balance. The bill also clarifies the sources of funds contributed to the trust fund and requires annual accounting reports.
Key provisions
- Introduces a 12-quarter rolling average calculation for determining disbursement amounts.
- Increases the percentage of the fund available for disbursement, starting at 4.25% in 2018 and rising to 8% in 2026.
- Specifies the sources of funds contributing to the Children’s Trust Fund (income tax, vehicle code, child abuse prevention act, and civil fines).
- Requires the state treasurer to invest the trust fund assets with authority similar to that of the Public Employee Retirement System investment act.
- Mandates annual accounting reports detailing revenues, expenditures, and investment earnings.
- Defines ‘trust fund’ as the Children’s Trust Fund.
- Establishes thresholds for disbursement availability based on the rolling average balance.
- Clarifies that gifts and donations are available for disbursement upon appropriation.
Who is affected
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