The $2.3 billion Michigan Municipal Employees' Retirement System, Lansing, will be spun off as an independent entity from the state by the middle of August, becoming a governmental non-profit organization. By Sept. 1, the fund will begin to offer an alternative defined contribution plan to the 501 municipalities that make up the system. Under the new system, municipalities will have control over whether and how they offer the new daily valued plan to their employees, a spokeswoman for the system said.
ICMA Retirement is the plan's record keeper and will provide trust and administration, employee education and an automated voice-response system. The number of investment options is still being determined; they will be a mix of ICMA's manager-of-manager mutual funds and funds from other managers.
