Section 388.1747b - MPSERS retirement obligation reform reserve fund; creation; investment; interest and earnings(1) The MPSERS retirement obligation reform reserve fund is created as a separate account within the state school aid fund.(2) The state treasurer may receive money or other assets from any source for deposit into the MPSERS retirement obligation reform reserve fund. The state treasurer shall direct the investment of the MPSERS retirement obligation reform reserve fund. The state treasurer shall credit to the MPSERS retirement obligation reform reserve fund interest and earnings from the MPSERS retirement obligation reform reserve fund.(3) Money available in the MPSERS retirement obligation reform reserve fund must not be expended without a specific appropriation.(4) Money in the MPSERS retirement obligation reform reserve fund at the close of the fiscal year remains in the MPSERS retirement obligation reform reserve fund and does not lapse to the state school aid fund or to the general fund. The department of treasury is the administrator of the MPSERS retirement obligation reform reserve fund for auditing purposes.(5) For 2022-2023, $825,000,000.00 from the state school aid fund is deposited into the MPSERS retirement obligation reform reserve fund. It is the intent of the legislature that $425,000,000.00 of the funds deposited under this subsection for 2022-2023 are used to offset costs associated with accelerating the reduction of the payroll growth assumption for reporting units that are not university reporting units until that rate is zero by October 1, 2026.Amended by 2023, Act 103,s 174, eff. 7/21/2023.Amended by 2022, Act 144,s 128, eff. 10/1/2022.Amended by 2021, Act 48,s 118, eff. 7/13/2021.Amended by 2018, Act 265,s 87, eff. 10/1/2018.Amended by 2017, Act 108,s 88, eff. 10/1/2017.Amended by 2013, Act 60,s 64, eff. 10/1/2013.Amended by 2012, Act 201,s 62, eff. 10/1/2012.Added by 2011, Act 62,s 52, eff. 10/1/2011.