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HB 5335

AN ACT RELATING TO EDUCATION -- THE PAUL W. CROWLEY RHODE ISLAND STUDENT INVESTMENT INITIATIVE

2025 Regular Session Introduced by Edith Ajello and 6 co-sponsors

Creates the Secure Retirement Savings Board in the Michigan Treasury to govern oversight of the state’s retirement savings program.

04/23/2025 Committee recommended measure be held for further study
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Bill Summary · HB 5335

Summary — HB 5335 (Secure Retirement Savings Board Act)

Bill number: HB 5335
Title: Retirement: other; MI secure retirement program board; establish. (Tie-bar with HB 5336)
Introduced: March 14, 2025 (filed); reported actions through December 2, 2025
Sponsor: Rep. Mike McFall
Companion: SB 2604

Purpose

Create a statutory board — the Secure Retirement Savings Board — within the Michigan Department of Treasury to provide governance/oversight for the state’s retirement savings program framework. The bill establishes the board’s membership, appointment process, terms, and basic administrative provisions. (The printed text establishes composition and appointment rules; it does not enumerate specific program powers or duties in the excerpt provided.)

Key provisions

  • Establishes the Secure Retirement Savings Board in the Department of Treasury.
  • Board composition (7 members):
    • State Treasurer (or designee) — serves as chair.
    • A second designee of the State Treasurer.
    • Director of the Department of Technology, Management, and Budget (DTMB) or designee.
    • Two public representatives with expertise in retirement-savings plan administration or investment, appointed by the governor.
    • One representative of participating employers (as defined in the Retirement Savings Program Act), appointed by the governor.
    • One representative of enrollees, appointed by the governor.
  • Appointment terms:
    • Initial staggered terms for governor appointees: one public rep 4 years; one public rep 2 years; employer rep 3 years; enrollee rep 2 years.
    • Subsequent terms are 4 years.
    • Vacancies filled for the unexpired term in the same manner as the original appointment.
  • Compensation and expenses:
    • Members serve without compensation.
    • Members may be reimbursed for necessary travel expenses from appropriated funds.
  • Confirmation and temporary appointments:
    • Governor’s appointments require advice and consent of the Michigan Senate.
    • Governor can make recess temporary appointments until the next Senate meeting.
    • If the Senate does not act within 60 session days after notice, the appointment is considered to have the Senate’s advice and consent.

Effective date / Contingency

The act contains a tie-bar: it does not take effect unless either Senate Bill (request no. S00661'25) or House Bill No. 5336 (request no. H00661'25) of the 103rd Legislature is enacted. The title also notes a tie-bar with HB 5336.

Who would be affected

  • State officials: State Treasurer and DTMB director (or designees) will serve on the board.
  • Governor and Michigan Senate: role in appointments and confirmations.
  • Participating employers and enrollees under the Retirement Savings Program Act: have designated representation on the board.
  • State budget/appropriations: minor cost for travel reimbursements as appropriated.

Legislative status / timeline (as provided)

  • Filed: 2025-03-14
  • Read first time and referred to Trade, Workforce & Economic Development: 2025-04-07
  • Reproduced/introduced and referred to Committee on Government Operations: 2025-12-02 (electronically reproduced 12/02/2025); read a first time 12/02/2025

Note: The bill text shown focuses on board creation, membership and appointment rules; specific powers, duties, or program operational details are not included in the provided excerpt.

Compiled from official sources — confirm details with the bill’s official record.

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