Michigan Laws 38.1213 – Establishment of public employee health care fund; resolution
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The legislative body of a public corporation may adopt a resolution establishing a public employee health care fund for the purpose of accumulating funds to provide for the funding of health care benefits to retirants and beneficiaries of retirants of the public corporation. Money for the payment of health care benefits for retired employees of the public corporation may, at the discretion of the public corporation, be provided from this fund or any other fund or trust. The resolution shall include all of the following:
(a) The designation of a person or persons who shall act as the fund’s investment fiduciary.
Terms Used In Michigan Laws 38.1213
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Fund: means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation. See Michigan Laws 38.1212
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Public corporation: means a county, city, village, township, authority, district, board, or commission in this state. See Michigan Laws 38.1212
- Qualified person: means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation. See Michigan Laws 38.1212
- Trust: means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits. See Michigan Laws 38.1212
(b) A restriction of withdrawals from the fund solely for the payment of health care benefits on behalf of qualified persons and the payment of the expenses of administration of the fund.
(c) The designation of who is a qualified person for purposes of payment of health care benefits from the fund.
(d) A determination of whether the fund will be established on an actuarial basis.