Bill > HB5335

This bill establishes the Secure Retirement Savings Board within Michigan's Department of Treasury, which will consist of 7 members: the state treasurer (or their designee) as chair, another state treasurer designee, the director of the Department of Technology, Management, and Budget (or their designee), two public representatives with retirement and investment expertise appointed by the governor, a representative of participating employers, and a representative of enrollees. Board members will serve without salary but can be reimbursed for travel expenses. The initial gubernatorial appointments will have staggered terms ranging from 2 to 4 years, with subsequent appointments lasting 4 years. All governor-appointed positions require senate advice and consent, with a provision that any appointment not acted upon within 60 session days is considered approved. Vacancies will be filled in the same manner as the original appointment, and during senate recesses, the governor can make temporary appointments. The bill is tied to another specific legislative bill and will only take effect if that companion bill is also enacted into law.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5335