Opinion
SC: 147296 COA: 308096 Wayne CC: 10-013013-AW
04-01-2014
WAYNE COUNTY EMPLOYEES RETIREMENT SYSTEM and WAYNE COUNTY RETIREMENT COMMISSION, Plaintiffs/Counter-Defendants-Appellees, v. CHARTER COUNTY OF WAYNE, Defendant/Counter-Plaintiff-Appellant, and WAYNE COUNTY BOARD OF COMMISSIONERS, Defendant-Appellant.
Order
Robert P. Young, Jr.,
Chief Justice
Michael F. Cavanagh
Stephen J. Markman
Mary Beth Kelly
Brian K. Zahra
Bridget M. McCormack
David F. Viviano,
Justices
On March 5, 2014, the Court heard oral argument on the application for leave to appeal the May 9, 2013 judgment of the Court of Appeals. On order of the Court, the application is again considered, and it is GRANTED. The parties shall include among the issues to be briefed: (1) an identification of the source and nature of the County's power to move funds from the Inflation Equity Fund (IEF); (2) whether the movement of IEF assets to the defined benefit plan without the corresponding offset to the County's Annual Required Contribution violates the Public Employee Retirement System Investment Act (PERSIA), MCL 38.1132 et seq.; and (3) whether the movement of $32 million in IEF assets to the defined benefit plan constitutes a "transaction" within the meaning of MCL 38.1133(8). The parties should not submit mere restatements of their previous briefs.
I, Larry S. Royster, Clerk of the Michigan Supreme Court, certify that the foregoing is a true and complete copy of the order entered at the direction of the Court.
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Clerk