Numbered Letter 2018-01

Effective Date: January 5, 2018

Local Government Retirement System Annual Report

If your local unit of government does not offer a retirement system or retiree health care system, no action is required and you may disregard this letter. Similarly, if your local unit of government only offers a defined contribution plan, such as a 401(k) or 403(b) plan, no action is required and you may disregard this letter.

In accordance with Public Act 202 of 2017 (Act 202), pension and retiree health care reports for retirement systems shall be electronically filed with the Michigan Department of Treasury (Treasury) no later than six months after the end of the local unit of government’s fiscal year. All local units of government that have a retirement system or retiree health care system must file their reports for their individual plan(s). All local units must have submitted their most recent audited financial statements to Treasury prior to (or concurrently with) the submission of the retirement system annual report.

Report Template Instructions (Failure to file may result in the determination of underfunded status)

If applicable, Form 5572 (Retirement System Annual Report) includes the following two tabs for completion:

1. Pension Report
2. Health Care (OPEB) Report

Please complete this reporting template (Form 5572) for all retirement system plans offered by the local unit of government. Detailed instructions for Form 5572 are also provided, as well as an initial list of frequently asked questions that will be updated on an ongoing basis.

Due Dates

If your 2017 audited financial statements have already been filed with Treasury (or you are a biennial filer) and your fiscal year ended on or before June 30, 2017, your Form 5572 is due by January 31, 2018. For local units with fiscal years ending after June 30, 2017, your Form 5572 is due no later than six months after the end of your fiscal year.

Chief Financial Officers (CFO), or their designee, should send a single email to LocalRetirementReporting@michigan.gov and attach the completed report. The subject line of the email should be in the following format: Retirement System Annual Report-2017, Local Unit (e.g. Retirement System Annual Report-2017, City of Lansing). Treasury will send a reply acknowledging receipt of the email. Act 202 also requires the local unit of government to electronically submit the report to its governing body.

If you have any questions, please send an email to our office at LocalRetirementReporting@michigan.gov or visit our website at Michigan.gov/LocalRetirementReporting.