November 9, 2010, Introduced by Reps. Meadows and Griffin and referred to the Committee on Oversight and Investigations.
A bill to amend 1980 PA 300, entitled
"The public school employees retirement act of 1979,"
by amending section 43e (MCL 38.1343e), as added by 2010 PA 75.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 43e. (1) Except as otherwise provided in this section,
beginning July 1, 2010 and continuing through June 30, 2013, each
member shall contribute 3% of the member's compensation to the
appropriate funding account established under the public employee
retirement health care funding act. For the school fiscal year that
begins July 1, 2010, members who were employed by a reporting unit
and were paid less than $18,000.00 in the prior school fiscal year
and members who were hired on or after July 1, 2010 with a starting
salary less than $18,000.00 shall contribute 1.5% of the member's
compensation to the appropriate funding account established under
the public employee retirement health care funding act. For each
school fiscal year that begins on or after July 1, 2011 and before
July 1, 2013, members whose yearly salary is less than $18,000.00
shall contribute 3% of the member's compensation to the appropriate
funding account established under the public employee retirement
health care funding act. The member contributions shall be deducted
by the employer and remitted as employer contributions in a manner
that the retirement system shall determine.
(2) As used in this act, "funding account" means the
appropriate irrevocable trust created in the public employee
retirement health care funding act for the deposit of funds and the
payment of retirement health care benefits.