(5) As used in this section:
(a) “Qualified retirement system” means a retirement pension benefit within a retirement system, as defined in section 3 of the protecting local government retirement and benefits act, 2017 PA 202, MCL 38.2803, of a qualified unit, with a funded ratio greater than or equal to 60% as of December 31, 2021.
(b) “Qualified unit” means a city, county, township, village, or road commission that operates a qualified retirement system or has closed a qualified retirement system and offers a defined contribution retirement plan.
(6) The unexpended funds appropriated in part 1 for pension best practices and debt reduction grant program are designated as a work project appropriation, and any unencumbered or unallotted funds shall not lapse at the end of the fiscal year and shall be available for expenditures for projects under this section until the projects have been completed. The following is in compliance with section 451a(1) of the management and budget act, 1984 PA 431, MCL 18.1451a:
(a) The purpose of the project is to promote pension best practices and debt reduction measures among qualified units.
(b) The project will be accomplished by grants to qualified units approved by the department of treasury.
(c) The estimated cost of this project is $250,000,000.00.
(d) The tentative completion date for the work project is September 30, 2026.”.
The question being on the adoption of the amendments,
Senator Lauwers requested the yeas and nays.
The yeas and nays were ordered, 1/5 of the members present voting therefor.
The amendments were not adopted, a majority of the members serving not voting therefor, as follows: