Michigan Laws 141.1602 – Legislative findings and declarations
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 141.1602
- Authority: means the Michigan settlement administration authority created under section 4. See Michigan Laws 141.1603
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Retirement systems: means the police and fire retirement system of the city of Detroit and the general retirement system of the city of Detroit. See Michigan Laws 141.1603
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
The legislature finds and declares the following:
(a) If certain requirements are fulfilled, this state shall make a contribution to reduce deficiencies in pension benefits of members of retirement systems, in order to avoid additional ongoing and future litigation and to partially settle the city of Detroit’s bankruptcy case, in return for, among other things, full releases from any claims against this state for alleged deficiencies in pension benefits.
(b) Partial settlement of the city of Detroit’s bankruptcy case and this state’s contribution in support serves important public purposes and will be beneficial to the entire state due to 1 or more of the following:
(i) It will improve household income of pensioners, many of whom may reside in other parts of this state, and reduce the likelihood of their seeking public assistance.
(ii) It will facilitate prompt resolution of the city of Detroit’s bankruptcy case and save state taxpayers ongoing litigation costs.
(iii) It will protect this state and its taxpayers from potential claims from parties associated with the retirement systems.
(c) Establishing the authority and execution by the authority of its powers granted under this act fulfill in all respects a public and governmental purpose for the benefit of the people of this state.