Michigan Senate Bill 401

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Michigan Senate Bill 401

 

Check out this key bill voted on by elected officials in Michigan, check-in to the VoteSpotter app to see how your legislators voted, and comment below to share what you think!

 

Senate Bill 401, Overhaul school employee retirement system: Passed 21 to 17 in the state Senate on June 15, 2017

 

To replace the current school pension system with one that requires more cost-sharing by new employees, and contains provisions intended to limit state management practices responsible for the $29.1 billion of unfunded liabilities in the status quo system. New employees could choose instead to receive substantial employer contributions to 401(k) accounts. If the overhauled defined benefit component is not properly funded then enrollees would have to pay half the cost of correcting this, and if underfunding exceeds specified levels this option would be closed to new hires.

 

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