Signed by Governor Rick Snyder

Vote Smart's Synopsis:

Vote to pass a bill that appropriates $194.8 million to the Michigan Settlement Administration Authority for state retirement systems, effective upon passage.

Highlights:

• Establishes the Michigan Settlement Administration Authority as a public body within the Department of Treasury (Sec. 4).

• Appropriates $194.8 million to the Authority which is to be dispersed to state retirement systems if the following conditions are met (Sec. 8):
• The bankruptcy court has entered an order approving the plan for adjustment; and
• The terms and conditions of the contribution agreement have been satisfied.

• Requires the authority to return the $194.8 million in appropriations to the Countercyclical Budget and Economic Stabilization Fund if the conditions within the provisions of this bill are not met (Sec. 8).

• Establishes a board of directors to exercise the duties of the Authority, which will consist of the following 3 members (Sec. 6):
• The state treasurer;
• The state budget director; and
• 1 member appointed by the governor with the advice and consent of the senate, who has knowledge, skill, or experience in the legal field of bankruptcy.

• Requires the authority to be dissolved on May 2, 2015 (Sec. 8). 

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that appropriates $194.8 million to the Michigan Settlement Administration Authority for state retirement systems, effective upon passage.

Highlights:

• Establishes the Michigan Settlement Administration Authority as a public body within the Department of Treasury (Sec. 4).

• Appropriates $194.8 million to the Authority which is to be dispersed to state retirement systems if the following conditions are met (Sec. 8):
• The bankruptcy court has entered an order approving the plan for adjustment; and
• The terms and conditions of the contribution agreement have been satisfied.

• Requires the authority to return the $194.8 million in appropriations to the Countercyclical Budget and Economic Stabilization Fund if the conditions within the provisions of this bill are not met (Sec. 8).

• Establishes a board of directors to exercise the duties of the Authority, which will consist of the following 3 members (Sec. 6):
• The state treasurer;
• The state budget director; and
• 1 member appointed by the governor with the advice and consent of the senate, who has knowledge, skill, or experience in the legal field of bankruptcy.

• Requires the authority to be dissolved on May 2, 2015 (Sec. 8). 

Full Bill Text