Section 38.2741 - Written plan document; terms and conditions of payments of retirement health care benefits. - Michigan Statutes

PUBLIC EMPLOYEE RETIREMENT HEALTH CARE FUNDING ACT (EXCERPT)
Act 77 of 2010

38.2741 Written plan document; terms and conditions of payments of retirement health care benefits.

Sec. 11.

(1) The trustees shall establish a separately written plan document which shall govern the terms and conditions of payments of retirement health care benefits consistent with the funding and payment under the applicable retirement act.

(2) If the governing board of a retirement system has made a deposit described in section 3(7), the trust shall use the funds in the funding account to satisfy the requirements of the retirement system for all retirement health care benefits provided by the retirement system consistent with this act and the plan document established under this section.

(3) Any funds in the funding account may be counted toward and used in the calculation of the annual required contribution as used by the governmental accounting standards board and for purposes of the annual financial statements prepared pursuant to section 3(8).

History: 2010, Act 77, Imd. Eff. May 19, 2010