pensions

Capitol building photo
Wikimedia Commons

Newly hired school employees would automatically be enrolled in a 401(k)-only retirement plan unless they opt out within 75 days and instead choose a blended pension benefit that would cost more of their paycheck under a deal struck between Gov. Rick Snyder and Republican legislative leaders.

Michigan Senate
Reginald Hardwick / WKAR-MSU

Certain employees retired from government work would get a tax break under legislation up for likely approval in the Michigan Senate.

Pension protest
ajehals / Flickr

Republicans who control the Michigan Legislature have introduced long-expected legislation to close the school employees' pension system to new hires and provide them a 401(k) only.

Andy Schor photo
Michigan House Democrats

Gov. Rick Snyder is going after Michigan’s mountain of unfunded retiree liabilities. He has created a task force to look into “responsible retirement reform.”

MI Supreme Court reconsiders right to work, pensions

Jan 13, 2015
http://en.wikipedia.org/wiki/User:Grosscha

  

The Michigan Supreme Court begins hearing arguments today involving two disputed laws passed during the first term of Governor Rick Snyder.

First, justices will consider whether the state’s recent ‘right-to-work’ law, which eliminated the payment of union dues as a condition of employment, also applies to unionized state employees.  

Second, it will explore whether the state exceeded its authority in 2011 when Michigan pensioners became subject to a 4-percent contribution from their pay in order to keep full benefits.

A look at the changing face of pensions

Jul 28, 2014
Flickr - 401(K)_2012

From the Detroit bankruptcy to a high-profile lawsuit against phone giant Verizon, pensions are in the news lately. With all the talk about pensions being frozen, or reduced, or bought out, we wanted to get kind of a “Pensions 101” perspective.

Pension reformer urges shift to 401k-style plans

Apr 23, 2014
Courtesy of www.mackinac.org

Fewer Americans enjoy the benefits of a pension in retirement. The recession wiped out so much invested wealth, enough of it earmarked for public workers’ pensions, that states fell much further behind in funding them. A period of transition continues, with state and local governments switching more workers to 401k style retirement plans.

A class-action lawsuit has been filed on behalf of retired public employees against the state for extending Michigan’s income tax to pensions.

WKAR File Photo

State workers would no longer have to fork out four-percent of their salaries to keep their pensions if a judge’s ruling stands.