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Zeeland BPW moves $2.36 million in PFAS settlement proceeds into MPIA to preserve funds
Summary
The Board approved transferring $2,356,231 in PFAS settlement proceeds to the Michigan Professional Insurance Authority to segregate and invest the restricted funds for potential future PFAS treatment or mitigation.
The Zeeland Board of Public Works voted Feb. 10 to transfer $2,356,231 in PFAS settlement proceeds from BPW reserve accounts into an investment portfolio managed by the Michigan Professional Insurance Authority (MPIA). ACM/Finance Director Plockmeyer told the Board the settlement funds remain restricted by settlement terms and are intended only for potential future PFAS‑related costs.
Plockmeyer said moving the funds to the MPIA would separate them further from operating reserves and allow the proceeds to earn market‑rate interest to help preserve their purchasing power for future treatment or mitigation needs. The transfer does not change the Board’s commitment that the funds remain dedicated to PFAS purposes unless a future Board takes formal action to reallocate them.
Commissioner Cooney moved to approve the transfer and Commissioner Walters seconded; the motion carried with all voting aye. The Board’s action formalizes previous commitments to segregate the proceeds and directs staff to complete the transfer into MPIA’s investment portfolio.
