Heres what the State Senate says about shifting teachers to 401(k) plans from the traditional pension system. Closing the system to new hires would gradually end the ongoing underfunding of the pension system, which saw its required annual contributions increase from $989 million in 2009 to $1.9 billion in 2013. The system is in such bad shape that 30 percent of school payroll costs go to the system, and 87 percent of that goes to playing catch-up on past underfunding. michigancapitolconfidential/20925
Posted on: Tue, 27 Jan 2015 13:06:03 +0000