Industry News

In February 2019, the Michigan Department of Treasury (Treasury) released its updated Form 5572 for Fiscal Year 2019 referred to as the “Local Government Retirement System Annual Report.” Beginning in FY 2019, the Treasury streamlined the retirement system reporting by merging Form 5572 with the summary pension report that was previously required under Public Act 530 of 2016 (PA 530).  In addition, Form 5572 includes fundamental data for summary retiree health care reporting as required by Public Act 202 of 2017 (PA 202).

Form 5572 must be filed for any local unit of government that offers a retirement pension benefit plan and/or a retirement health benefit plan (or “other postemployment benefits (OPEB) plan). The report must be submitted electronically to the Treasury no later than six months after the end of the local unit of government’s fiscal year.  If applicable, both the “Pension Report” tab and the “Health Care (OPEB) Report” tab should be completed before submission.  Failure to report by the due date may result in an underfunded determination in accordance with PA 202. 

FY 2019 reporting forms and instructions are available here.