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Preliminary List of Qualified Local Retirement Systems
View the Preliminary List of Qualified Retirement Systems
The preliminary list of qualified local retirement systems reflects those qualified local governments that had one or more qualified retirement systems identified with a funded ratio below 60% as of their most recent Retirement System Annual Report (Form 5572) as of December 31, 2021.
Local governments are encouraged to review their funded ratio as previously reported on the Form 5572 submitted to Treasury as of December 31, 2021.
- If you believe the funded ratio listed is inaccurate or your qualified local government retirement system is missing from this list, please complete the Pension Data Discrepancy Form. Questions, comments, or discrepancies related to the Preliminary List of Qualified Local Retirement Systems should be submitted to Treasury-MIPensionGrant@michigan.gov no later than March 31, 2023, using the Pension Data Discrepancy Form.
Qualified local governments may estimate the grant award payment for their qualified retirement system(s) for the MI Pension Grant Program using the funded ratio, assets, and liabilities as reported in the required supplementary information section of your financial statement audit as of December 31, 2021.
- The specific calculation will be done by multiplying the qualified retirement pension system’s liabilities (total pension liability ending) by 60% (0.60) and subtracting the qualified pension system’s assets (fiduciary net position ending). If this calculated amount is greater than $170,000,000, then the maximum award payment amount will be capped at the lesser amount. This calculation is specific to each qualified retirement system.
Published local government retirement system funded ratios and any estimated award amounts are preliminary and are subject to validation during the MI Pension Grant Program application process.