The Republican governor signed the overhaul of the Michigan Public School Employees Retirement System on Tuesday. The GOP-led Senate and House passed the legislation this year.
Officials said the measure cuts at least $15 billion from a $45 billion liability on the system. The reductions include a $130 million contribution by the state toward retirement costs.
At the signing ceremony, Snyder also said he'll appeal an August state Court of Appeals decision that found Michigan's 3 percent payroll deduction for school employees unconstitutional.
The state has collected $508 million since 2010 from 227,000 public school employees to finance retiree health care.
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Comments
Trim the fat. Businesses used to care about their workers, not any more. You are expendable, your pension is expendable, your retirement is expendable, your insurance is expendable. We are a true throw-away society thanks to the Republicans.
Government Grants
The Republican governor signed the overhaul of the Michigan Public School Employees Retirement System. The GOP led Senate and House passed the legislation this year. chartright canada
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