Definitions.

Sec. 2. As used in this act: (a) "Bankruptcy trust" means a trust created by a court order, including a plan for adjustment. (b) "Bankruptcy trust beneficiary" means an individual who is eligible to receive health care benefits under a bankruptcy trust. (c) "Board of trustees" or "board" means the governing board of a bankruptcy trust. (d) "Fund" means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation. (e) "Investment fiduciary" means a person who does any of the following: (i) Exercises any discretionary authority or control in the investment of the fund's or trust's assets. (ii) Renders investment advice to a fund or trust for a fee or other direct or indirect compensation. (f) "Plan for adjustment" means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation. (g) "Public corporation" means a county, city, village, township, authority, district, board, or commission in this state. (h) "Qualified person" means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation. (i) "Trust" means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits.