March 12, 2018 -
Audience: Employers at municipalities that were recently notified by the Michigan Dept. of Treasury that they are under review of being in underfunded status for Pension and/or OPEB liabilities
Product: Defined Benefit, Health Care Savings Program
Contacts: Primary, Finance, HR, Highest Board, Highest Administrative
Date sent: 3/12/18
Recently, municipalities were notified by the Michigan Department of Treasury if they are under preliminary review of being in underfunded status for pension and/or OPEB liability. This is the result of the information that the municipality supplied to Treasury earlier this year on Form 5572.
Municipalities that received this notice have the option to apply for a waiver if they have taken action that proves they have a plan to address their UAL. In response, MERS has put together a guide of information that a municipality can use to determine if they have taken any steps toward addressing UAL, and if so, where they can locate the supporting documentation to submit with their waiver.
An eblast was sent to all Primary, Finance, HR, Highest Administrative and Highest Board position contacts at all municipalities that received notice from Treasury with an overview of these resources.
A copy of the eblast can be found here (each eBlast was sent from the respective Regional Manager).
A copy of the Waiver Completion Guide can be found here.
The Legislative Resource page on mersofmich.com has also been updated to reflect this information.