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 EDTNew 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