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Changes to pension and OPEB reporting under Public Act 202 of 2017

January 8, 2018 Article 1 min read
Authors:
David Helisek Michelle Watterworth

The Michigan Department of Treasury released initial reporting requirements under the Public Act 202 of 2017. These reporting requirements apply to all local units of government that offer or provide defined benefit pension and/or defined benefit OPEB retirement benefits.

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On Jan. 5, 2018, the Michigan Department of Treasury released initial reporting requirements under Public Act 202 of 2017, the Protecting Local Government Retirement and Benefits Act (“the Act”), which was a primary component of the act. These reporting requirements apply to all local units of government that offer or provide defined benefit pension and/or defined benefit OPEB retirement benefits.

The releases by the Department of Treasury included Numbered Letter 2018-1, Form 5572, detailed instructions for completion of Form 5572 and a listing of frequently asked questions. All documents can be located at All documents can be located on the Michigan government website.

These reporting requirements apply to all local units of government that offer or provide defined benefit pension and/or defined benefit OPEB retirement benefits.

The due date for completion of Form 5572 is Jan. 31, 2018 for local units with a fiscal year ending on or before June 30, 2017. For local units with fiscal years ending after June 30, 2017, Form 5572 is due no later than the six months after the end of your fiscal year.

In addition to submitting this new form to the Department of Treasury, local units must also post this information on its website or in a public place, if the local unit does not have a website. The governing body of a local unit will also need to receive a copy of this form, in accordance with the Act, but the Act does not require approval by the governing body before the submission to Treasury.

Questions should be directed via email to the Treasury offices or by visiting their website.

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