Insider Intelligence

On Thursday, Governor Rick Snyder signed into a law a bill reforming the Michigan Public School Employees Retirement System. Proponents of the change claim that pension programs have become a financial burden for public school systems and the MSPERS “hybrid” plan will no longer be available to new enrollees as of February 1, 2018. A […]

This week, the House voted to approve a Senate bill that would make changes to the Michigan Public School Employees Retirement System (MPSERS).  The plan will close the current hybrid plan and enroll school employees hired after February 1, 2018, into a new defined contribution retirement plan.  All employees would have the change to opt […]

On Thursday, the House and Senate passed legislation reflecting an agreement struck between House and Senate leadership and Governor Rick Snyder, which will reform the current public school employee retirement system.  “Prior to the agreement between leadership, the House and Senate gestured their willingness to withhold completing the budgets until later this summer, or even […]

This week, Representative Thomas Albert (R-Belding) and Senator Phil Pavlov (R-Saint Clair) introduced legislation reforming the Michigan Public School Employee Retirement System (MPSERS).  “In 2010 the legislature passed the current hybrid system in an attempt to get the ever-growing unfunded liability to the state under control.  However, there are current members who don’t believe those […]

On Monday, Governor Rick Snyder announced that he is creating a task force to address pension and health care costs for retirees and municipalities.  The Task Force on Responsible Retirement Reform for Local Government will bring together local and state officials with employee representatives to discuss problems with growing, unfunded, long-term liabilities.  The task force […]

This week, the Senate Appropriations Committee reported three bills reforming pension plans for newly hired teachers.  The legislation would place school employees hired after July 1, 2017, into a 401k plan.  In the new plan, 4% of employee’s salary would go into the 401k, plus there would be an employer match of up to 3% […]