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Wed May 5, 2010
School retirement deal eludes Michigan lawmakers
LANSING, MI –
There's still no agreement among Michigan lawmakers on how to craft a proposal that might entice thousands of public school employees to retire this summer.
The Democrat-run House and Republican-led Senate both adjourned Wednesday without a compromise on a retirement plan. Negotiators from both sides continue to talk.
Many school employees won't decide whether to retire after this school year until they know what financial incentives they might get for doing so. The plan could be a major factor in school budgets.
Lawmakers were hoping to have a deal done last week. But they haven't agreed on how sweet retiring school employees' pension incentives should be.
Employees who stay on the job would have to contribute 3% of their salaries to retirement plans.