LANSING, Mich. (AP) — Legislation aimed at reining in retiree benefit costs for Michigan state workers was approved Thursday by the Republican-led House Appropriations Committee.
The measures affecting future state retirees, approved 17-10 along party lines, advances to the House floor.
Employees covered by state pension plans would have to decide whether to remain in the defined benefits plans or convert to a 401(k) system. Workers who choose to remain in the pension plan would have to contribute 4 percent of their compensation to remain in the system.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
