The Michigan Department of Treasury (Treasury) has launched of the Protecting MI Pension Grant Program for local units of government.
The Protecting MI Pension Grant Program was created to help Michigan’s underfunded municipal pension systems. Under the Fiscal Year 2022-23 budget, Treasury was appropriated $750 million to establish and operate a local grant program for qualified pension systems with a funded ratio below 60%, as defined in the Protecting Local Government Retirement and Benefits Act.
Treasury’s Bureau of Local Government and School Services has developed a new website that local units of government can use to review grant opportunities administered by Treasury. Through this site, local units can learn more about the Protecting MI Pension Grant Program, such as: definitions and grant criteria, timelines, qualification information, and an estimated list of eligible local governments.
All updates including additional program guidelines, application materials, and frequently asked questions related to this grant program will be provided on the website so be sure to check back frequently. Program guidelines and application materials will be posted no later than April 15, 2023.
Request: Review Your Local Unit’s Pension System Data
Through previously reported data, Treasury has compiled a preliminary list of Michigan pension systems with a funded ratio of less than 60% as of December 31, 2021.
Local units of government are encouraged to review their funded ratio as previously reported on the Retirement System Annual Report (Form 5572) submitted to Treasury as of December 31, 2021. If you believe the funded ratio is inaccurate or your qualified retirement system is missing from this list, please complete the Pension Data Discrepancy Form.
Questions, comments, or discrepancies related to this document should be submitted to [email protected] by March 31, 2023.
A webinar related to the Protecting MI Pension Grant program will be scheduled for late-March/early-April 2023. Additional details about this webinar will be communicated in the coming weeks
Need more information? Questions?
More information and resources on the Protecting MI Pension Grant program are available at www.Michigan.gov/MIPensionGrant.
Questions regarding the Protecting MI Pension Grant can be directed to Treasury by e-mail at [email protected]
John LaMacchia is the League’s director of state & federal affairs. He can be reached at [email protected] or 517-908-0303.