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 will manage the fund, depositing money and assets from various sources, directing investments, and ensuring that any remaining funds at the end of the fiscal year do not lapse into the general fund. 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 specifies 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 provision ensures that the establishment of the fund is linked to the passage of related legislation, reinforcing the interconnected nature of these legislative efforts to support Michigan National Guard members.