New law revises how UAAL contribution rates will be calculated in the future

Michigan Office of Retirement Services sent this bulletin at 06/12/2018 03:44 PM EDT

Michigan Office of Retirement Services - Message for Public School Employers

New law revises how UAAL contribution rates will be calculated in the future

On June 11, Governor Snyder signed Public Act 181 of 2018, which revises a provision in last year’s reform law (PA 92 of 2017). As a result, UAAL contribution rates for K12 districts and ISDs will be calculated based on the year-to-year change in payroll plus purchased services, rather than the year-to-year change in current operating expenses. The new law also delays implementation of this change until the fiscal year ending September 30, 2020.

ORS is developing an implementation plan and will keep you updated as further information becomes available.

Sincerely,

Office of Retirement Services

State of Michigan | Department of Technology, Management & Budget | Office of Retirement Services
P.O. Box 30171 | Lansing, MI 48909-7671 | www.michigan.gov/psru

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The retirement plan information that appears in this email is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Current laws, rates, and factors are subject to change. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern.