June 3, 2014 at 1:00 am

Details on nine-bill Detroit aid package awaiting Snyder's signature

Gov. Rick Snyder holds a pen in his hands and announces he is ready to sign the Detroit bankruptcy bills on Tuesday. (Dale G. Young / The Detroit News)

The Michigan Senate on Tuesday sent Gov. Rick Snyder a nine-bill package tied to $194.8 million in aid for Detroit pensioners in the city’s bankruptcy. Snyder plans to sign the bills in the coming days.

Here’s a summary of the bills and the House and Senate vote margins:

House Bill 5566:

House approved 103-7

Senate approved 36-2

■ Creates a nine-member Financial Review Commission that would police Detroit’s finances for at least three years after the city exits bankruptcy. The commission, which would include the mayor, city council president and seven state appointees, would have veto power over all contracts exceeding $750,000 or a higher amount determined by the commission. The commission would go dormant for 10 years if the city can meet and maintain certain fiscal benchmarks, such as having three consecutive years of deficit-free budgets and being able to borrow money. After 10 years of dormancy, the commission would be dissolved.

House Bill 5567:

House approved 105-5

Senate approved 37-1

■ Requires the Financial Review Commission to approve the mayor’s choice for a chief financial officer. The bill sets duties for the new CFO.

House Bill 5568:

House approved 85-25

Senate approved 24-14

■ Caps city contributions to employee retirement plans at 7 percent of their base pay, be it a pension or 401(k)-defined contribution plan. Also caps contributions for retiree health insurance savings plans at 2 percent of pay for employees hired after July 1, 2023.

House Bill 5569:

House approved 100-10

Senate approved 36-2

■ Limits city contributions toward employee health insurance plans at 80 percent of premium costs.

House Bill 5570:

House approved 105-5

Senate approved 37-1

■ Requires Detroit’s retirement systems to establish new investment committees, which could hire and fire the pension funds’ chief financial officer. The bill also restricts out-of-state travel by trustees and pension fund staff.

House Bill 5573:

House approved 77-33

Senate approved 21-17

■ Replenishes rainy day fund with $17.5 million in payments from state’s tobacco settlement fund for 20 years.

House Bill 5574:

House approved 74-36

Senate approved 21-17

■ Transfers state money to Detroit pension funds.

House Bill 5575:

House approved 75-35

Senate approved 21-17

■ Creates new authority to govern transfer of state money to city pension funds.

House Bill 5576:

House approved 98-12

Senate approved 37-1

■ Requires report on police and fire arbitration be sent to oversight commission.