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2016 House Bill 6075: Require local government underfunded pension disclosures

Public Act 530 of 2016

Introduced by Rep. Dan Lauwers (R) on November 30, 2016
To require the Department of Treasury to create and post online an executive summary for each local government’s annual retirement system report. This would have to include the system’s unfunded liability for post-retirement health and pension benefits. Also, if a local system has less than 60 percent of what actuaries it should have to meet its benefit promises, it must post what steps are being taken to increase the funding level.   Official Text and Analysis.
Referred to the House Local Government and Municipal Finance Committee on November 30, 2016
Reported in the House on December 6, 2016
Without amendment and with the recommendation that the bill pass.
Amendment offered by Rep. Patrick Somerville (R) on December 7, 2016
To require timeliness in local government pension reports the bill would require inflation estimates in their projections of future health care costs.
The amendment passed by voice vote in the House on December 7, 2016
Passed 107 to 0 in the House on December 8, 2016.
    See Who Voted "Yes" and Who Voted "No".
(same description)
To require the Department of Treasury to create and post online an executive summary for each local government’s annual retirement system report. This would have to include the system’s unfunded liability for post-retirement health and pension benefits. Also, if a local system has less than 60 percent of what actuaries it should have to meet its benefit promises, it must post what steps are being taken to increase the funding level.
Received in the Senate on December 13, 2016
Referred to the Senate Government Operations Committee on December 13, 2016
Reported in the Senate on December 14, 2016
With the recommendation that the bill pass.
Passed 37 to 0 in the Senate on December 14, 2016.
    See Who Voted "Yes" and Who Voted "No".
(same description)
To require the Department of Treasury to create and post online an executive summary for each local government’s annual retirement system report. This would have to include the system’s unfunded liability for post-retirement health and pension benefits. Also, if a local system has less than 60 percent of what actuaries it should have to meet its benefit promises, it must post what steps are being taken to increase the funding level.
Signed by Gov. Rick Snyder on January 5, 2017

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