HB-5308, As Passed House, December 7, 2017





















November 30, 2017, Introduced by Reps. Howell, Lower, Albert and Crawford and referred to the Committee on Michigan Competitiveness.


     A bill to amend 1927 PA 339, entitled


"An act to authorize the establishment of a system of retiring

allowances for employes of public libraries now existing or which

may hereafter be established in incorporated cities of 250,000

population or more,"


by amending section 2 (MCL 38.702).




     Sec. 2. (1) It shall be the duty of said A library board when


it described in section 1 that desires to establish a retirement


system of retiring allowances, to shall apply to the local


legislative body and to submit to said the local legislative body


for its approval and adoption a detailed plan for such the


retirement system, which shall must be based upon on the following


provisions and conditions:


     (a) It shall must enumerate the classes of employes employees


to be included in said the retirement system. ;


     (b) It shall Subject to subsection (2), it must fix the amount


of the annual retiring retirement allowance, the number of years of


service necessary to entitle an employe employee to a retiring


retirement allowance, the age at which an employe employee may be


retired, the nature and extent of the physical or mental disability


which shall entitle that entitles an employe employee to retire


before reaching the age of retirement, and the conditions upon on


which the age of retirement may be anticipated. ;


     (c) It shall must provide for a body to be known as the


retiring retirement fund trustees, which shall must consist of 5


members. Two members shall must be elected by the staff; 2 members


shall must be appointed by said the local legislative body; and the


terms of office of said the members shall must be 4 years, except


that when the retirement system is first put into effect, the terms


of office shall must be so fixed so that but 1 member's term shall


expire expires each year. The fifth member shall must be, ex-


officio, the presiding officer of the said library board. Said The


trustees shall have charge of said retiring the retirement


allowance fund and shall invest the same retirement allowance fund


only in such securities as that are legal for savings banks. Said


The trustees shall adopt such any rules and by-laws as bylaws that


may be necessary , and not inconsistent with the state constitution


and of 1963, laws of this state, and the provisions of this act. ;


     (d) There shall must be attached to such the retirement system


as may be recommended, the certificate of a recognized and

competent actuary stating that the retirement system is actuarially


sound, and the retirement system shall must provide for annual


reports and valuations by such the actuary to determine whether the


fund is on a sound financial and actuarial basis.


     (2) Notwithstanding anything in this act to the contrary, a


retirement system established under this act is subject to the


protecting local government retirement and benefits act.


     Enacting section 1. This amendatory act does not take effect


unless Senate Bill No.____ or House Bill No. 5298 (request no.


00251'17 *) of the 99th Legislature is enacted into law.