The proposed bill establishes the "Michigan National Guard member benefit fund," which will be created within the state treasury. The fund is intended to support the implementation and administration of the Michigan National Guard tuition assistance act and the Michigan National Guard child care assistance act. The state treasurer is responsible for managing the fund, including depositing assets, directing investments, and ensuring that the fund's money does not lapse at the end of the fiscal year. The Department of Military and Veterans Affairs will serve as the administrator for audits and will be responsible for expending money from the fund, contingent upon appropriations.

Additionally, the bill stipulates that it will not take effect unless certain other bills from the 103rd Legislature are enacted into law, specifically Senate Bill No. 540 and Senate Bill No. 542. This conditional enactment underscores the interconnected nature of the legislation and its reliance on the passage of related measures to fully implement the benefits for Michigan National Guard members.