Mich. Comp. Laws § 38.1063

Current through Public Act 151 of the 2024 Legislative Session

Section 38.1063 - Calculation of accrued cost savings; submission of total amount in executive budget to legislature; appropriation

After consulting the retirement system's actuary, the board shall calculate for each fiscal year any cost savings that have accrued to this state as a result of the implementation of 1996 PA 486 over the costs that would have been incurred by this state to fund this retirement system had 1996 PA 486 not been implemented. The total amount of the cost savings shall be submitted in the executive budget to the legislature for appropriation in the next succeeding state fiscal year to the health insurance fund created by section 22c.

MCL 38.1063

Amended by 2011, Act 99,s 1, eff. 7/19/2011.

Add. 1996, Act 486, Eff. 3/31/1997 ;--Am. 2002, Act 97, Imd. Eff. 3/27/2002.