7.1405 Legislative changes.

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(a) The Senate and the House of Representatives shall establish retirement fund standing committees.

(b) All proposed legislation which concerns membership in the Fund, benefits paid by the Fund, contributions to the Fund, investment of Fund assets, or management of the Fund shall be referred to the Senate and House Retirement Fund Committees.

(c) Before the final vote is taken in either the Senate or House on any such legislation, the retirement fund committee of that body must submit to the voting members a written report from both the actuary and the Board of Trustees regarding the proposed legislation. The actuary’s report shall indicate the financial impact of the legislation on the future solvency of the fund-and future benefit payments. The report of the Board of Trustees shall contain its recommendations concerning the legislation: whether the Board supports or opposes it, any recommended changes, and the board’s detailed reasons.

(d) Any legislation which is passed but which does not follow the procedures set forth in this section is null and void.

History: 1986, PL 19-37 § 18.