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Thu December 15, 2011
Mich. governor signs bills affecting state workers
LANSING, MI –
Gov. Rick Snyder has signed two bills that will affect some state workers' retiree health care benefits and reduce the future amount the state needs to fund by $5.6 billion.
Workers hired after Jan. 1 won't get state health care coverage when they retire, although they'll get an extra 2 percent match in their 401(k) or 457 retirement plans while working to help them save for future health care costs.
The legislation signed Thursday also refunds the 3 percent contribution toward retiree health care that state workers have been paying for more than a year.
The refunds go out Jan. 19. Workers can choose to receive the money in their paychecks or as a deposit into their retirement accounts. A worker making $50,000 a year should get about $1,500 back.