LANSING, Mich. (AP) — A plan requiring school employees to pay more toward their pensions but not force new teachers into a 401(k)-style system was approved by a Michigan House committee Thursday, meaning the full chamber will consider a pension fix much different than the Senate's plan.
The bill passed by the House Appropriations Committee affects those in the Michigan Public School Employees Retirement System. The proposal would keep new teachers in a pension system that's part defined-benefit and part defined-contribution, and offers them the option of a straight 401(k)-style plan.
The Senate-approved plan would switch all new hires into the 401(k)-style plan.
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