Legislation Cuts Teacher Benefits, Local Rep Calls Bill 'Historic'
Newly hired Michigan public school employees would pay more for their pensions and lose state-funded health care during retirement under a bill headed to Gov. Rick Snyder for approval.
Newly-hired public school employees in Michigan would pay more for their pensions and lose state-funded health care in retirement under a new bill headed to Gov. Rick Snyder for approval. Sponsors of Senate Bill 1040, which was approved last Wednesday in the Republican-controlled Michigan House, said it will save school districts an estimated $300 million annually and trim $15 billion in legacy debt, according to The Detroit News. The bill, which reforms the Michigan Public Schools Employees' Retirement System (MPSERS), eliminates long-term pension and health care liability for Michigan's public schools. MPSERS, a statewide defined-benefit plan for employees, has liabilities currently totalling more than $48 billion — all of which schools …
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Racer Girl
10:57 pm on Tuesday, September 4, 2012
The politics of envy. I lost mine; you can't have yours. more ›