Michigan Laws 500.7032 – Compensation of trustee, officer, or employee
Current as of: 2023 | Check for updates
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(1) A MEWA shall not pay any salary, compensation, or emolument to any officer or trustee of the MEWA, unless the payment is first authorized by a majority vote of the board of trustees of the MEWA.
(2) A trustee, officer, or employee of a MEWA shall not be compensated unreasonably. The compensation of any trustee or officer of a MEWA shall not be calculated, directly or indirectly, as a percentage of money or premiums collected, without the approval of the commissioner.
Terms Used In Michigan Laws 500.7032
- Board: means the board of trustees of the multiple employer welfare arrangement security fund. See Michigan Laws 500.7001
- Commissioner: means the director. See Michigan Laws 500.102
- MEWA: means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. See Michigan Laws 500.7001
- Trustee: A person or institution holding and administering property in trust.