Michigan Laws 38.1613 – Summary of fiscal transactions
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By April 15 of each year, the department shall furnish to the governor, the legislature, each retirant or beneficiary of a deceased retirant, and each member, a summary of the fiscal transactions of the retirement system for the last completed fiscal year. The summary shall contain at least the following information from the actuarial and financial statements:
(a) A statement of assets and liabilities.
Terms Used In Michigan Laws 38.1613
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) A statement of investments by, and amount earned in, each category.
(c) A statement of revenues and expenditures.
(d) A statement of the estimated number of members having vested pension benefits for which the retirement system is liable.
(e) Other information the department or retirement board considers necessary.