MPSERS retirement obligation reform reserve fund; creation; investment; interest and earnings.

Sec. 147b. (1) The MPSERS retirement obligation reform reserve fund is created as a separate account within the state school aid fund. (2) The state treasurer may receive money or other assets from any source for deposit into the MPSERS retirement obligation reform reserve fund. The state treasurer shall direct the investment of the MPSERS retirement obligation reform reserve fund. The state treasurer shall credit to the MPSERS retirement obligation reform reserve fund interest and earnings from the MPSERS retirement obligation reform reserve fund. (3) Money available in the MPSERS retirement obligation reform reserve fund must not be expended without a specific appropriation. (4) Money in the MPSERS retirement obligation reform reserve fund at the close of the fiscal year lapses to the state school aid fund. The department of treasury is the administrator of the MPSERS retirement obligation reform reserve fund for auditing purposes.