The bill establishes the Michigan National Guard member benefit fund, which is created within the state treasury to support the benefits of National Guard members. The fund will receive deposits from various sources, and the state treasurer is responsible for managing the investments and ensuring that any interest or earnings are credited back to the fund. Importantly, the funds will not lapse to the general fund at the end of the fiscal year, ensuring that resources remain available for their intended purpose.

The Department of Military and Veterans Affairs will administer the fund and is tasked with expending money from it, contingent upon appropriation, to support the implementation of the Michigan National Guard tuition assistance act and the Michigan National Guard child care assistance act. The enactment of this bill is contingent upon the passage of two other specified bills from the 103rd Legislature.