Gov. Rick Snyder has signed a bill modernizing the Michigan Public School Employees Retirement System, increasing the state’s share to defined contribution plans, while reducing the unfunded liabilities of the overall system.
“Modernizing the school employee retirement system means these benefits will be there for retired school employees in the long term, while at the same time protecting taxpayers from escalating liabilities,” Snyder said.
Senate Bill 401, sponsored by state Sen. Phil Pavlov, will close the current “hybrid” plan to new enrollees as of Feb. 1, 2018.
It creates a new 401(k)-style defined contribution plan with an automatic employer contribution of 4 percent of the employee’s salary, and an additional voluntary matching contribution of 3 percent from the state School Aid Fund.
- Posted July 19, 2017
- Tweet This | Share on Facebook
Legislation to protect school workers' benefits
headlines Macomb
- Macomb County Meals on Wheels in urgent need of volunteers ahead of holiday season
- MDHHS hosting three, free virtual baby showers in November and December for new or expecting families
- MDHHS secures nearly 100 new juvenile justice placements through partnerships with local communities and providers
- MDHHS seeking proposals for student internship stipend program to enhance behavioral health workforce
- ABA webinar November 30 to explore the state of civil legal aid in America
headlines National
- This Is the Moment
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- BigLaw partner won’t charge his $3,250 hourly rate to defend New Jersey cities in Trump administration suits
- After second federal judge withdraws error-riddled ruling, litigants seek explanation
- 5 hallucinated cases lead federal judge to kick 3 Butler Snow lawyers off case
- Bondi files ethics complaint against federal judge who reportedly expressed concern about ‘constitutional crisis’
