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May 9, 2025
Intended Audience: Local government employees including but not limited to, clerks, treasurers, elected officials, finance directors, city, township, or village managers, accounting staff. Additionally, bond counsel, municipal advisors, certified public accountants, municipal organizations, state agencies, and auditing or actuarial professionals.
Draft Date: May 9, 2025
The Local Audit and Finance Division is currently soliciting public comment on the Numbered Letter 2025-1 providing guidance on compliance with peer actuarial audit and actuarial experience study requirements for defined benefit retirement health benefit systems (OPEB) under Public Act 202 of 2017, and Numbered Letter 2025-2, providing guidance on Prior Approval Applications.
Numbered Letter 2025-1
Numbered Letter 2025-1 provides guidance and information around requirements for defined benefit retirement health benefit systems (OPEB) found in Section 4 (1)(c-d) of the Protecting Local Government Retirement and Benefits Act, Public Act 202 of 2017 (the Act). The Retirement System Annual Report (Form 5572) has annually communicated these general requirements; however, this numbered letter is designed to provide additional guidance and clarity.
Any individual or organization that would like to submit comments should provide those comments in writing by June 9, 2025.
Comments may be submitted by email to LocalRetirementReporting@michigan.gov with the subject line entitled, “Numbered Letter 2025-1 Peer Actuarial Audit and Actuarial Experience Study Requirements".
You can find the selected Numbered Letter Exposure Draft for Public Comment below:
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