Introduced
by
To revise details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for new school employees. The bill would eliminate a requirement that the state offer a "variable" annuity option in addition to a "fixed" annuity option (which would still be required), and would establish competitive bidding requirements for selecting an annuity provider.
Referred to the Committee on Financial Services
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (H-6) be adopted and that the bill then pass.
Amendment offered
by
To replace a requirement that the insurance company that provides annuity options in school employee retirement savings plans must have a credit rating of at least "B+" with a requirement that it have the same rating that the state has.
The amendment failed by voice vote
Amendment offered
by
To cap the maximum fee on annuities provided by the plan at 0.75%.
The amendment failed by voice vote
Amendment offered
by
To prohibit school employees covered by the state retirement savings plan from choosing the plan's annuity option without first consulting with a registered investment adviser.
The amendment failed by voice vote
Passed in the House 58 to 49 (details)
To revise details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for new school employees. The bill would revise but not eliminate a requirement that the state offer a "variable" annuity option "with an available guaranteed lifetime income option" in addition to a "fixed" annuity option, and would establish competitive bidding requirements for selecting an annuity provider.
Referred to the Committee on Appropriations
