State employee retirement plan remains option
LANSING, MI –
Michigan's legislative leaders are still hoping to craft a retirement incentive package for state employees.
Democratic House Speaker Andy Dillon and a spokesman for Republican Senate Majority Leader Mike Bishop said Tuesday the proposal could still be part of a potential plan to balance next year's state budget.
Dillon says a retirement plan could save more than $100 million in the fiscal year that starts Oct. 1. The final savings would depend on the plan's specifics.
The plan will likely be similar to a recently passed retirement incentive package for public school employees. That plan slightly improves pension benefits for school employees retiring this summer. Remaining employees must contribute 3% of their salaries to retiree health plans.