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The House version of the bill would trim the system's long-term liability by $15 billion by prefunding retirement health care, taking more money out of the pockets of school workers and freezing school district legacy costs for one year. However, the house bill rejects a proposal to move from the current hybrid pension/403(b) plan to a defined contribution plan only (see “Michigan House Rejects Switch to DC Plan for Teachers”). The Detroit News reports the issue now goes to a joint House-Senate conference committee where the chambers will try to forge a compromise.
The House version of the bill would trim the system's long-term liability by $15 billion by prefunding retirement health care, taking more money out of the pockets of school workers and freezing school district legacy costs for one year. However, the house bill rejects a proposal to move from the current hybrid pension/403(b) plan to a defined contribution plan only (see “Michigan House Rejects Switch to DC Plan for Teachers”).
Rebecca Mooreeditors@plansponsor.com