The bill amends section 12a of the 1851 PA 156, enhancing the powers and duties of county boards of commissioners in Michigan regarding employee insurance and retirement benefits. It allows these boards to provide various forms of insurance, including life, health, accident, hospitalization, and disability coverage, with the option for counties with 100 or more employees to self-insure for health and disability. The bill establishes guidelines for retirement annuities and pensions, including eligibility criteria and benefit calculations, while ensuring that at least 60% of retirement benefits are based on a uniform percentage of the employee's average final compensation. Additionally, it mandates that counties maintain actuarial reserves to finance pension and retirement liabilities.

The bill also addresses the administration and investment of pension plans, allowing county boards to establish a board of trustees for management and investment in accordance with state regulations. It introduces provisions for military service credit, enabling eligible members to purchase credited service, and outlines eligibility criteria for employees transitioning from public employment to retirement systems. Furthermore, it specifies conditions under which retirants can return to county employment without affecting their benefits, including limits on hours worked. The bill emphasizes equitable treatment for all retirement system members and requires counties to create a written policy for uniform application of these provisions, while also ensuring compliance with the Protecting Local Government Retirement and Benefits Act.

Statutes affected:
Senate Introduced Bill: 46.12