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Michigan’s largest debt declines
Gov. Whitmer asks to put less into the pension system
… for public school employee pension debt is down by roughly $5.2 … administration.
Lawmakers promised pension benefits to workers in a state-mandated … what was promised. State pension funds are not like Social … up. (They don’t.)
Instead, pension fund managers have flexibility … estimates, the costs for pensions are as employees are working, … more
How to Control the Pension Debt
The costs of pension liabilities have grown out of control
… as I watch the government pension scandal across the country.
Pensions provide retirees with a decent … six states, they say, total pension liabilities have grown beyond … for them. This means that pension debt is growing faster than … matter with this trend. If pension obligations grow a lot from … more
Governor Granholm Called to Underfund Pensions 6 Years Before Company Bankruptcy
There is no natural constituency for properly funding pensions
… of pressure to underfund pensions, and the promises that guarantee … employees with defined benefit pension plans, they are required to … bankruptcy, the employee pension plan was terminated and taken over by the Pension Benefit Guaranty Corporation. … criticized federal rules governing pensions and called for weakening … more
Taking the Pension Task Force to Task
Governments should stop generating new pension debt
… ere is a well-established pension funding principle that was … cover the full costs of the pension benefits earned by their employees that year. This prevents pension debt from growing out of control. … fundamental challenge for financing pension systems. To keep them from … burden on future taxpayers, pension managers need to accurately … more
Why Michigan Pension Reform Matters
Michigan now a national leader on fixing pension problems
… of the 2017 public school pension reform is a transformational … state officials to promise pension benefits to new school employees … participants in the state’s school pension system. It covers 189,761 … from this system.
But the pension fund is underfunded. The state … has saved to pay for their pensions and the amount the system’s … more
Don’t redirect pension funds
Lawmakers should be wary about lowering pension debt payments
… million out of the state’s pension debt payments and spend it … should be careful. Underfunded pension debts have a long history … part of the state-managed pension and retiree health insurance … pay for their employees’ pensions, and the state pays out pension checks to employees when they … more
How to Control the Pension Debt
The costs of pension liabilities have grown out of control
… as I watch the government pension scandal across the country.
Pensions provide retirees with a decent … all but six states, total pension liabilities have grown beyond … pay for them. It means that pension debt grows faster than the … matter with this trend. If pension obligations grow a lot from … more
Schoolchildren, Teachers, Taxpayers Harmed When Pension Managers Assume Too Much
The realities of Michigan's $26.5 billion pension liability
… retirement system to base annual pension contributions on an assumption … means contributions into the pension fund will be insufficient … to pay.
Michigan’s school pension system has put taxpayers on … last year.
Several state pension officials quoted in a recent … year to adequately fund the pension system. Failing to reach assumed … more
State Policies Created School Pension Pain
The only real solution is to close public pensions to new employees
Pension costs are forcing tough choices on Michigan’s school … policies will be. To pay for pension benefits, the state assesses … its payroll to the school pension system, while the employees, … annual responsibility for pensions. It also announced that it … districts to cover a portion of pension benefits. Currently, that’s … more
New Bill Fixes a Pension Problem, Leaves Major Problem Untouched
Boosted pensions aren't the main cause of underfunding
… boost their taxpayer-funded pension benefits. The bill could can … runaway costs of an underfunded pension system.
The problem with public pensions in Michigan is not how generous … they earn credit towards a pension that they will collect when … employer puts money into a pension fund. This ensures that the … more
Alleged ‘Transition Costs’ Avoidable In Detroit
Shouldn't be used as a roadblock to pension reform
… requirement that the city close its pension systems to new members — is … that have reformed their pension systems show.
Transition … to catch up on underfunded pensions. Detroit does not have enough money saved in its pension system to pay for the benefits … other governments have made pension reforms without making this … more
Pension Underfunding Has a Cause — But it is Not Smaller Workforces
Pensions do not operate like Social Security
… costs of defined benefit pension systems are meant to be paid as pension credits are earned by employees. … lack of understanding of how pension funding actually works leads … This is because government pension funds do not, in fact, operate … Security. When a worker earns a pension, his or her employer is supposed … more
$1 Billion of Tax Money Thrown Into a Growing Deficit
Michigan increased pension funding and it’s still not enough
… into the school employee pension fund. But the extra state … determines the amount of money the pension system needs each year based … much the state still owes in pension debt. This is different from … supposed to pay for the school pension system has increased with … annual costs of running the pension system — it does nothing to … more
Use Better Assumptions to Pay for Pensions
Lawmakers should pay close attention to state pension systems
… to contribute money to the pension system during each employee’s … retirements of the people who get pensions. A well-funded pension system has enough money to … in the system to pay their pensions.
What employees earn for … long they will collect a pension. Likewise, how much the state … more
Media Misinterpreting Detroit Pension Bill
Legislation doesn't address pension underfunding
… city and unions could negotiate for pension or hybrid plans as long as the city … determine a city's obligation to fund pension benefits, payments are split into … do not calculate the value of the pensions earned by each employee individually, … to the system in general. If the pension funds develop an unfunded liability, … more
Michigan's Underfunded Pensions: A Tale of Two Counties
Wayne County governments have dug a $3.4 billion pension hole
… $4.2 billion in unfunded pension benefits to their employees, … communities run a defined benefit pension plan for their employees, … closed its defined benefit pensions to new hires, instead giving … retirement accounts. The legacy pension system that serves county … date is well-funded. The pension systems of most cities in … more
Seven Ann Arbor Retirees Getting Six-Figure Pensions
The highest pension was for $126,216 to former fire chief who worked 25 years
… are currently collecting pensions that exceed $100,000 a year, … records from the city-run pension system.
The highest payout … of service.
The average pension payout from Ann Arbor’s retirement … in 2003 receives an annual pension of $43,000.
Gretchen Virlee-Wagner … Virlee-Wagner now collects an annual pension of $68,036.
The New York … more
Lansing’s $402M pension problem could become ours
City’s unfunded pension debt continues to grow, even with state help
The city of Lansing pays pensions to 1,790 former employees, but it lacks a fully funded pension system. If the city fails to fully fund its pension obligations, the burden will … Mackinac Center.
Lansing’s net pension liability was $402,497,602 … fire and police department pension system and $164 million in … more
The Lose-Lose Situation in Pension Funding
Pension underfunding, not defined contributions, is the problem
… give them control over their own retirement.
Pension plans in governments are expensive yet are not … contribution plans. Most of the money going into pension funds is not to pay for the benefits being earned … and paying for them later has created a hole in pension systems across the state. This is the real lose-lose … more
What You Owe for Pensions
Michigan governments hold $3,800 per person in pension debt
… public entities that offer pensions to former and current employees. … enough money to pay for the pensions promised to employees and … unlike that of other open pension systems, is trending down …
Our study of Michigan’s pension systems, at all layers of government, show a hard truth: Pension systems don’t get funded – … more
Constitutional Pension Reform, 50 Years On
… the state's school employee pension fund was revised upward to …
Michigan state government’s pension fund for public school employees … constitutionally protecting public pensions, and it is time to acknowledge … state and local government pensions.
As the chairman of the … extremely difficult. Any public [pension] system that is set up should … more
State Government Up to Its Eyeballs in Pension Debt
Unfunded pension liabilities dwarf state’s other borrowing
… around the country — and pensions are exhibit No. 1.
Michigan … their employees far more in pension benefits than can be supported … nonetheless.
The state-run school pension system is largest pension system in Michigan. Lawmakers … employees $67.7 billion in pension benefits, but set aside and … more
Michigan Lawmakers Make Progress on Pension Debts
But taxpayers still owe more than $50 billion to state-run pension systems
… e’s a problem with public pensions in this country, but it’s … taxpayers have racked up in pension systems. This has been bad … assume that way to solve pension problems is to get more people …
But government employee pensions operate differently. Instead … how much they put in the pension system based on projections … more
Defined-Contribution Plans Help State Credit
Michigan's credit rating could increase after pension reform
… reform the state’s underfunded pension system. The latest argument … Michigan’s school employee pension program to a defined-contribution … instead of defined-benefit pensions can improve a state’s credit … instead of defined-benefit pensions. In 1998 the state’s credit … fiscal health, but improved pension funding was cited as one of … more
Michigan Legislature Set to End Union Schemes
Special ‘release time’ and pension spiking arrangements unfair to taxpayers
… their private release time or pensions.
House Bill 279 would “prohibit … of collecting a government pension.”
At least the past three … their taxpayer-guaranteed pension. In these arrangements, the … receives a taxpayer-provided pension that is higher than it would … have given him an estimated pension for less than $8,000 per year. … more
Pension Officials Mislead Lawmakers
Bureaucrats attempt to scuttle pension reform with inaccurate and irrelevant information
… massively unfunded school pension system to new enrollees, ORS … testified that closing the pension system would require huge, … year would close the current pension system to new enrollees and … so-called best practices of pension financing that are entirely … unfunded liabilities in the pension system for 33 of the past … more
Why Are Michigan House Republicans Continuing These Union Scams?
New Legislature should take up pension spiking, release time in 2017
… Bill 279 dealt with union pension spiking schemes, in which … inflate their taxpayer-funded pensions. In at least one instance, … approximately $8,000 annual pension into one worth over $100,000. … Michigan’s $26.7 billion pension liability.
The Michigan Senate … these people with health and pension benefits. Districts pay other … more
A Solution to Local Government Debt
Pension and retiree health care liabilities are in crisis and the time to act is now
… on average, despite a decade-long recession. And though there are some cities which have seen real declines in revenue, the skyrocketing cost of pension and retiree health care liabilities dwarfs these revenue problems.
Take the city of Lansing as an example. Over the past decade, if property tax … more
2018 School Pension Underfunding Expense Enough To Fix The Roads
Decades of officials shortchanging pensions cost taxpayers $2.1 billion last year
… closed) defined benefit school pension system.
The amount almost … repairs.
The state-run school pension fund is $32.7 billion short … available to meet its promised pension payouts to teachers. The state … over the coming decades, the pension fund will earn annual returns … amount contributed to the pension fund. (The different rates … more
Pension 'Transition Costs' Remain a Myth
Package of bills would finally close school employee pension plan
… state-run school employee pension system and offering new employees … shows that the rules for pension accounting only guide how pensions are reported and do not mandate a pension funding policy. In any case, newly adopted pension accounting rules should clear … more
Why Some Teachers Prefer a 401(k) Over a Pension
Michigan legislators debate fix to pension system underfunded by $26 billion
… that kept open the teacher pension system but began allowing … 401(k) instead of the old pension system, according to a FOIA … from concerns about future pension cuts and underfunding to wanting … reasons. One of which … [is] the pension program is underfunded and … employees do not “vest” in the pension system until they have worked … more
Better Pension Assumptions Protect Taxpayers
Pension bills would take government retirement funds seriously
… trouble is by underfunding pensions. And states have dived into … and $6 trillion in unfunded pension liabilities, depending on … debt. The state employee pension system carries $6 billion in underfunded pensions. The school system carries … required governments to fund pensions as they are earned. When … more
Michigan lawmakers are likely to keep taxing pensions
Raising the tax deduction for seniors is different from eliminating the pension tax, but don’t expect lawmakers to explain that
… campaign pledges to repeal the pension tax, Michigan legislators are likely to keep taxing pensions next year. Michiganders should … lawmakers will not repeal the pension tax is that there is no pension tax. There is a state personal … senior income. Calling this a “pension tax” is a simpler and more … more
Contaminated Water Dominates Flint Headlines, But Pension Earthquake Looms
Pension payments increase 50 percent in five years
… future: A $285 million unfunded pension liability is consuming ever … costs. To put the burden of pension obligations into perspective, … the risks to traditional pensions, even for a government body … reckoning on public employee pensions plans.”
The city of Flint … employees four different pension systems. By far the most popular … more
If Michigan Officials Believed School Pensions ‘Vital’ They Would Have Paid for Them
Defined benefit pensions could work just fine for both employers … employees. But government pensions have a major problem: They …
Michigan’s largest government pension system, the one for school … dollar of those promises. The pension fund, then, is $29.1 billion … employee earns benefits in a pension system, the employer is supposed … more
Teacher Pension Fund’s Good Earnings Last Year Not Good Enough
Still $16 billion short of amount needed to meet pension promises to school employees
… Iris Salters receives state pension benefits worth $190,600 a … earnings used to calculate her pension include the $186,000 annual … such arrangements, and their pension spiking came at the expense … underfunded public school pension system.
The school employee pension system had net earnings of … more
Detroit Was Just the Beginning: The Crisis of City Pension Systems in Michigan
Local government pensions are less than 65 percent funded
… waiting too long to reform pensions. Retirees took a $1.3 billion hit to their pensions because of a mismanaged and … they will need to pay the pensions of future retirees. Even … instead of a defined benefit pension plan.
Of the remaining six … offered a defined benefit pension plan to its employees. Since … more
Dear Teachers: Here's Why Your Salary Isn't Higher
It's the pension costs
Here's how rising pension expenses are affecting just one Michigan school district. It’s the same story at all the other districts as well. more
The Debate Over School Spending
Teacher pension costs really are part of classroom spending
… the current defined benefit pension system and toward a 401(k)-type … why:
Michigan's teacher pension system has billions in unfunded … public employees got their pensions.
So what has happened since? … extra spending on teacher pensions and continue with the drumbeat … becomes obvious why having a pension system is so dangerous. Those … more
Democrats Selectively Considering Pension Benefits In Education Funding
Pensions once 'earned in the classrooms' now excluded from funding equation by Democrats
… to cover their retirement costs. He said the pensions were earned by teachers with "a lifetime of hard … teacher's overall compensation, which includes pension benefits, most certainly is a classroom expense, … Record, MEA Complains About 'Insufficient Funds'
Pension Costs Mean Tighter Budgets For Taxpayers, Classrooms … more
June 7, 2013, MichiganVotes.org Weekly Vote Report
Votes on National Guard pensions, hunting licenses
… "No"
House Bill 4664, Allow pension double-dipping by some “retired” … to simultaneously collect pension benefits and a regular paycheck … retire and begin collecting pension checks as young as age 51 … 175, Undo National Guard pension reform: Passed 91 to 14 in … eliminated "defined benefit" pensions for future state Adjutant … more
Teacher Pension System Hole Getting Deeper
State falls $290 million short on school pension funding in 2012 after GOP left old system largely in place
… unfunded school employee pension promises.
Due to years of … therefore future contributions. Pension liability was reduced by approximately … contribution.
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See also:
Pension Study Consultants Have History Defending Expensive Pension Plans
House GOP Hides Behind … Verge of Giving MEA Huge Pension Win
The State Is Already … more
State Pension Plans Are Unsustainable
Funding liabilities would cost $5,400 per capita
… million balloon payment to its pension systems in 2024, which is … plan. New hiring, delayed pension cuts, and longer life expectancies … financial statements for pension plans covering Michigan’s … employers have attacked their pension funding challenges by moving … found that this move reduced pension costs by $167 million and … more
Pension Costs Are Crowding Out Public Safety
Michigan is losing cops to retiree costs
… why this is, but here’s one theory: Pension underfunding is crowding out government … state saved only 63 percent of what pensions are expected to cost. And while the … sector averages.
Local government pension systems are underfunded as well. … other words, Michigan is trading pension costs for fewer police officers on … more
Critics of Growth Projections in House Road Plan Should Be Unnerved by Pension Underfunding
… spending: the grossly underfunded school employee pension system. The state is supposed to contribute $1.9 … year to begin catching up on $25.8 of unfunded pension liabilities. The long term plan is to increase … funding, they should be tearing their hair out over pension underfunding, which is a far greater fiscal threat … more
Teachers Union Head Gets Annual $92,000 Pension Bonus, Courtesy of Taxpayers
Scheme let top union officials get school pensions based on six-figure union salaries
… years, his annual school pension would have been an estimated … salary in the public school pension calculations. The MEA reimbursed … contributions to the school employee pension system on behalf of Cook. … Cook begin collecting an annual pension of $103,227 for the rest of … the six-figure government pension in September, according to … more
State on Required Payments for School Employees' Pension: 'The Check is in the Mail'
Michigan underfunding pension fund by $2.2 billion over past 10 years
… shortfalls in the school employee pension system.
Nevertheless, only … required contribution" that the pension system's own accountants say … Budget-Killing School Employees' Pension Up in the Air
10 Facts About Pension Systems in Michigan
Close … Stretch Dollars Further
Pension Costs Mean Tighter Budgets … more
State Officials Caused Michigan's Pension Crisis
No accident that school pension system is underwater
… underfunded school employee pension system in 2016. That represented … properly fund Michigan’s school pension system are causing problems … manages state and school pension systems; it has consistently … unfunded promises in the school pension system.
In the coming weeks, … past 42 years, the school pension fund has not held enough assets … more
Charter Schools Are Not to Blame for Pension Woes
The way to catch up on underfunding is not to rope more people in
Government pension systems around Michigan are a mess, by and … the public school employee pension system. It is need of reform, … officials do not understand how pension systems work and believe the … charters get to avoid the school pension system.
Education officials … school employees into the pension system, the underfunding problem … more
The Real Problem with Government Pensions
Hint: It's not markets or greedy workers
… e high cost of government pension plans are often dismissed … retirement benefits. To keep pension costs from draining resources … levels should address the pension underfunding crisis in 2016. … employees is the largest pension program in Michigan, and it … decades of inadequately funded pension systems. It is yet another … more
Don’t Blame Employees for Pension Underfunding
Liabilities caused by wrong assumptions
… for underfunded government pension systems. When concerns are … the basic problems faced by pension systems.
In 2010, Michigan’s school employee pension system was underfunded by … Michigan’s school employee pension system was underfunded by … underlying assumptions about the pension fund's projected investment … more
Pension Predictions Fall Short
Defined-benefit plans don't get funded, they get underfunded
The school pension system is in dire need of reform. It owes … out of the defined-benefit pension business entirely.
Back in … the time: defined-benefit pension plans don’t get funded, they …
Underfunding the school employee pension system does a disservice to … system at www.mackinac.org/pension. more
Michigan Company Billed $465,774 For Teamsters Pension After Laying Off Its Last Unionized Trucker
Severely underfunded private-sector union pension plans are hurting companies
… costs to get out of union pension funds, those guys are cheap. … bail out the Teamsters union pension fund.
"We got the bill and …
Teamsters Central States Pension Fund sent the bill to Fastdecks. … We ceased paying into the pension fund at that time because … withdrawing from these union pension funds is skyrocketing.
Pension … more
Hathaway Pension: First Check Due Before Sentencing
Despite pleading guilty to bank fraud, Diane Hathaway to collect nearly $100K pension
… income thanks to her first pension check from the state of Michigan … have received additional pension checks by that time.
Although … amount of Hathaway's annual pension has yet to be confirmed. She … said Wednesday, regarding Hathaway's pension. "It will need to be finalized … Still Collect Six-Figure Pension more
Faulty assumptions led to $2.3 billion catch-up on Michigan school pensions
Michigan has a history of underfunding the system but might now make extra debt payments
… underfunding public employee pensions.
Generous retirement promises, … Center for Public Policy. Pension liabilities are non-dischargeable, … state's failure to fund the pension plan fully. Most of the underfunding … occasion the state even used the pension system to bail out a bad deal … most recent increase in the pension debt is the result of better … more
Facing Possible Jail Time, Disgraced Justice Can Still Collect Pension
Estimates place former Supreme Court Justice Diane Hathaway's annual pension at nearly $100K
… expect to get a hefty state pension.
It's been estimated that Hathaway's annual state pension would come to $98,766. In … system.
So would Hathaway's pension eligibility change if she … changes her ability to get her pension. If she were convicted, the … many consider a lavish state pension warrants review by legislators. … more
How Bad Investment Rate Projections Cause Pension Underfunding
Municipal discount rate assumptions prove to be costly
… $5.4 billion in unfunded pension liabilities. The liabilities … the money need to pay for pensions.
In Flint, the city’s defined benefit pension system is only 47 percent … Grand Rapids defined benefit pension system is 97 percent funded … taxpayers were on the hook for no pension debt because the employees … more
Michigan's Pension Crisis Means Tax Hikes and Cutting Cops
Analysis of Michigan cities shows they are paying for more retirees than workers
… modify their defined benefit pension plans. Walker warned, though, … close their defined benefit pension system to newly hired employees, … discussed the merits of closing pension systems to new employees, … Care Act and eliminating pension abuses such as pension spiking. more
MEA President Inflating Public Pension with $200K Salary While Working for Private Union
Lansing School District keeps Steve Cook in public employee pension system
… remain a member of the state’s pension system for school employees … union. This lets him accrue pension benefits based on his $201,613 … underfunded public school employees pension system.
The Lansing School … an underfunded government pension system, leveraging his six-figure salary to garner a much higher pension payout.
A public school employee’s … more
Supreme Court Justice's Problems Not Likely to Affect Generous Pension
With 20 years of judicial service, Justice Diane Hathaway could get $100K a year pension
… probably look forward to a pension that may be just shy of $100,000 … down, she is eligible for a state pension. According to the Office of … have the details yet on her pension," Department of Technology, … a Supreme Court Justice’s pension is straight-forward. To determine how much of a pension Hathaway can expect, the state … more
Detroit Bailout Bill Leaves Taxpayers On The Hook For New Pension Underfunding
Committee version guts original pension reform bill; full House could vote today
… Detroit's defined benefit pension system and shifted new employees … the city to leave open its pension plan and rack up liabilities … the city underfunded the pensions it promised its employees," … Detroit Bailout and Meaningful Pension Reform
How Michigan Can Fix Its Pension Problems
Pension Costs Mean … more
House Republican Policy Plan Lays the Groundwork for Action
Pensions, education, criminal justice all areas ripe for change
… each followed by a commentary.
Pensions
The Michigan Public School Employee … education dollars for payroll go to cover pension liabilities. As that gigantic liability …
Michigan closed its state employee pension system to new workers in 1997 but … make a similar change to its school pension system. That system costs the state … more
Closing Pensions for State Employees in 1990s Saved Michigan Millions Today
Study highlights savings from defined-contribution reform
… close the state employee pension system to new members. A new … Michigan as it considers further pension reforms.
The state employee … members $6.2 billion more in pension benefits than it has saved. … because the state closed the pension system.
But the Reason authors … needed contributions. The pension fund’s investments also produced … more
Teachers Work in the Classroom
And pensions are employee compensation
… it went to shore up the underfunded teachers’ pension fund. There’s no doubt that more money is needed to keep the pension fund solvent, but that means not much of that … going to the classroom.”
ForTheRecord says: Pensions are part of the compensation package for teachers … more
Politicians Cannot Be Trusted To Properly Fund Pensions
Defined benefit plans should be closed for the good of workers
… incentives to properly fund public pension and health care systems.
Consider … Michigan and Illinois. In each case, pension systems were supposed to be fully … employee on retiree health care and pensions. But only 10 percent of that money … employees and taxpayers, defined-benefit pension systems should be ended for new employees … more
Retiree Who's Becoming Face Of 'Pension Tax' is Collecting Generously
Former teacher and union head likely receiving over $51K in pension payments alone
… repealing tax exemptions for some pensions.
But James Pearson, a 66-year-old … enough compensation from a pension and Social Security alone … protesters complaining about the pension tax, being quoted by the Lansing … experience would have an annual pension of $35,910. If that teacher … would increase that annual pension to $38,304.
The average Social … more
71 Percent Of New School Employees Choose 401(k) Over Pension
Employees themselves now on the hook for pension underfunding
… traditional defined benefit pension and a 401(k) defined contribution … fact that defined benefit pensions have long been the rule in … lawmakers to close the old school pension system to new hires as of … added a big catch to the pension option they included in a … adopted because years of past pension underfunding has put a significant … more
'Steve Cook' Bill Would Prevent Private Union Employees from Spiking State Pension
MEA president is basing public pension on $200K union salary
… payroll for years as part of a “pension spiking” scheme.
Last week … annually to the state-run school pension system on behalf of union … Cook collect a much larger pension from the school retirement … aimed at prohibiting such pension spiking deals, and would also … President Inflating Public Pension With $200K Salary While Working … more
The Ghosts of Christmases Past
Haunted by public sector pensions
… for underfunded public employee pensions in the United States put the red … dollars we owe on these unfunded pensions is so staggering that it can't be … a year, we're looking at unfunded pension costs beyond imagination. And the … the issue is the monstrous public pension debt or any of the other messes our … more
School Budgets Stressed Alright — But Not From Mythical State ‘Cuts’
Watch the skyrocketing pension expenses
… spending more money despite having fewer students.
That the district is still struggling financially is due largely to expenses in the state-run school pension system, which have skyrocketed. Utica’s required contributions to the system were $24.4 million in 2013 but rose to $46.8 million in 2015. more
Schools Getting $377 Million More For Retiree Benefits But Officials Still Complaining About 'Cuts'
Time for district officials to get serious about fixing teacher pension system
… more to pay for employee pensions.
Under the new state budget, … will support public employee pensions.
The $882.7 million total … total cost of the school pension fund. The annual contributions … unfunded liabilities for pension benefits.
Unfunded liabilities for teacher pensions increased to $25.8 billion … more
Unions Should Get Serious About Pension Underfunding
A $2.7 million shortfall causes concern in Grand Rapids
… protecting their members ignore pension underfunding.
The Rapids’ employee pension system is 73.5 percent funded …
In order to make sure that pensions are paid, government entities … as it does not make their pensions any more generous. Indeed, … money just goes to pay for pensions benefits earned by workers … more
GOP Fumbles: On Verge of Giving MEA Huge Pension Win
… the defined-benefit school pension system to new hires starting … civil servants in the state pension office (who, like the union, … states that closed their pension systems without paying these … component — the same school pension reform passed by the Senate … benefits, the government pension establishment pretends otherwise, … more
Michigan Supreme Court: Pension Reforms were Constitutional
Teacher unions fail challenge to 2012 law
… for any future reforms to public pensions in Michigan.
In 2010, the Legislature … contributing, they would accrue future pension benefits at a lower rate. The reform … reform and modification.”
With public pension systems crowding out other state … Michigan Supreme Court upheld a modest pension reform, which allowed the system … more
Fossil Fuel Investments Yield Big Returns for State Pension Funds
Michigan's underfunded state pensions got 37 percentage points better returns from oil and gas
… largest government employee pension funds, according to a recent … returns of Michigan's separate pension funds for school and state … chronic underfunding, both pension funds have unfunded liabilties: $25.8 … from the state’s two largest pension funds was about 81 percent … two largest public employee pension plans, contributed 6.9 percent … more
Why Pension Reform Is Hard for Politicians
No consequences to kicking the can down the road
… retirees billions more in pension benefits than they’ve saved … albatross around their necks.
Pensions are supposed to be prefunded: … employee earns a dollar worth of pension benefits, the employer sets … used to pay that employee’s pension upon retirement.
Managers … employers need to put in the pension system.
This is different … more
Michigan Legislature Can End 2016 Strong by Acting on Key Issues
… and many local budgets is unfunded pension liabilities. Based on the evidence, … government employees. It’s time to put pensions back in the hands of workers.
This … legislative posts, they said that pension reform was a top priority. Now is … employee in order to spike a government pension.
“Worker’s Choice,” the subject … more
Michigan Legislators Don’t Receive Pensions
Now let’s solve the problem for the rest of government workers
… “Why should teachers not receive pensions when politicians do?” But state policymakers and their staff do not receive pensions or health care once out of office. … before the law changed.
Michigan’s pension systems are underfunded by at least … don’t properly fund defined benefit pension systems. The best way to solve this … more
Where $100 Million Buys Little: Michigan School Employee Pension Fund
Teacher pension system gobbles up 30 percent of payroll
… Employees Retirement System. The pension liability (just the debt) … evaluate the health of a pension system, we look at the present … $25.8 billion. Naturally, the pension system represents a huge issue …
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See also:
CapCon Pension Coverage
Oakland: The County That Could (Reform its Pensions)
How Cities Are Solving … more
Time To Fix MPSERS Pension Problem
Unfunded liabilities will grow so long as lawmakers let them
Michigan’s school pension system has $26.7 billion less than … taxpayers and members of the pension plan.
So was the message … address the growing unfunded pension liability by moving future …
“The state’s defined-benefit pension plan has been mismanaged for … Michigan politicians and pension fund managers from continuing … more
House GOP on Verge of Surrendering to MEA
… Republicans, a major school pension reform passed by the state … “defined benefit” school pension system to new employees, starting … and and other government pension systems suggests that much … Gov. Engler’s original 1996 pension reform proposal included school … Persistent underfunding of school pension contributions has created … more
Why Michigan Has a Pension Problem
Everyone wants to avoid responsibilities on retiree benefits
… this. There is nothing inherently wrong with pension systems — the problem is that politicians simply … employee retirement system and local government pension systems are similarly underfunded. That being … city of Lansing had unfunded liabilities in its pension systems of $113.6 million at the end of 2007 ($45.8 … more
MEA Skips Testifying on Bill Ending Its Pension Spiking Arrangements
Past MEA presidents spiked their public pensions using six-figure union salaries
… prohibiting public school pension spiking scheme benefiting … talked — but not about the pension bill.
The Senate Education … Senate Bill 279 would outlaw pension spiking of the type MEA President … to pad his taxpayer-funded pension.
Michigan Capitol Confidential … from the school employee pension system, even though he took … more
Illinois Takes Pension Advice From ‘The Simpsons’
Michigan has done a lot to avoid this fate
… than it has saved for their pensions. That’s over $10,000 for … bonds to backfill the state’s pension funds, which are short $129 billion. Annual state pension payments are projected to … previously issued to pay for pensions.
At the request of state … interest-rate arbitrage to shave its pension costs. Under the professor’s … more
House GOP Hides Behind Rigged 'Study'
… close the school employee pension system to new hires, a transformational … 50-year pattern of chronic pension underfunding.
Reportedly … a victory for the state “Pension Industrial Complex” bureaucrats … costs" of the school employee pension fund — the amount deemed necessary to prefund future pension benefits earned by current … more
Pension Protestors Should Be 401(k) Supporters
Offering 401(k)-style benefits is good for teachers and taxpayers alike
… state-mandated school employee pensions. Lawmakers are getting heavy … effort.
The reason that this pension system is so expensive is … Michigan is spent on the pension system.
Of those costs, 89 … past.
That’s not right. Pensions are intended to be prefunded … when an employee earns a pension, the employer is supposed … more
State Pension Funds Move To Risky Investments
Lack of payoff on investments is biggest driver of underfunding
The state’s pension fund lost $10 million by investing in a … Ann Arbor. A diversified pension system ought to make room … ago, the SMRS, which manages pensions for hundreds of thousands … to note, when the school pension plan began 100 years ago, … including the rare times when pension funds get pledged towards … more
Union Survey: Michigan Teachers Want Pension Reform
Only 12.2 percent of MEA members feel they will have a comfortable retirement
… employees don’t feel secure with the current teacher pension system.
The survey asks: “Do you feel that you’ll …
There is reason to be concerned. The teacher pension system, MPSERS, has nearly $27 billion in unfunded liabilities. Government pension systems across the state are underfunded and causing … more
The Problems with the Pension and Retiree Health Insurance Bills
Recent legislation confuses legal obligations between benefits
… requirements for local government pensions and retiree health insurance … problematic because it conflates pension and retiree health care benefits … hikes in local governments.
Pensions and retiree health care are … state constitution requires pensions to be paid for as they are … funding requirements for both pensions and retiree health insurance … more
Unions That Say Prevailing Wage Law Protects Retirees Mismanage Worker Pensions
Reports show Michigan construction union pensions in ‘critical’ condition
… industry by providing sound pension programs.” Further, it says … “reduced health care and pension coverage” for construction … of mismanaging their own pension plans for construction workers, … Department of Labor shows that pension funds run by some of the biggest … Labor Department defines pensions funds that hold less than … more
Pension Debt ‘Like a Mortgage?’ Yeah – On a Home You Sold Years Ago
Shakiest cover story yet from defenders of unsustainable government pensions
… underfunded school and municipal pension systems. As usual, some beneficiaries … reform under consideration.
Pension officials may want to reexamine … massive and growing government pension liabilities to a homeowner’s … Detroit Business:
“Yes, pension unfunded liabilities exist; …
ForTheRecord Says: Unfunded pension liabilities are indeed similar … more
Sweet Deal: Another Teachers Union President's Pension On Taxpayers' Dime
Fraser Schools agrees to pension spiking arrangement with union official
… keep accumulating school pension credits even as she works … increase his eventual state pension payouts.
By contrast, Herbart’s … underfunded state-run school pension system will be based the salary … health insurance benefits and pension credits. The teachers union … on leave and still accrue pension credits while working for … more
State’s Largest Teachers Union Offloads Some Pension Obligations Onto Taxpayers
MEA’s own unfunded pension liabilities now stand at $130.3 million
… of the burden of providing pensions for its top executives to taxpayers. Moreover, it’s a pension-spiking scheme that has been … the unfunded liability in a pension system it runs for its own … officials to continue to accrue pension credits with Michigan’s public … they get larger government pension payouts when they retire. … more
Does Defund The Grand Rapids Police Mean Take Their Pensions Too?
Police and firefighters have been promised a combined $530.7 million in pensions by the city
… associated with public safety departments – lifetime pension promises to officers and other staffers.
For … employees who are enrolled and vested in the pension system, and 710 individuals who are now collecting … city has committed to paying $530.7 million in pension benefits, as of 2019, to its police and firefighters. … more
Cops Retiring in Their 40s While Pension Systems Break Cities’ Backs
Retirees collecting pension checks while working in second career
… telecommunicator, started collecting pension checks in 2010 at age 51. … and begin collecting police pensions.
Early retirements — many … taxpayers is that Ann Arbor’s pension system is underfunded and … million to fund employees’ pensions in 2006. By 2014, the figure … $11.2 million. And still, the pension system is just 83 percent … more
Capping Retirement Contributions Changes Few District Incentives
State aid could easily fluctuate
… 2012 retirement reforms changed the way that pension benefits offered in Michigan school districts … catch up on the system’s unfunded liabilities for pension and retirement health benefits (the difference … schools, where employees generally are not in the pension system, receive no benefit from these extra state … more
Delayed Payment On Granholm Early Pension Gambit Raises Costs To Taxpayers
Michigan pension office helped pass costs to future taxpayers
… would temporarily increase pension expenses, it would also reduce … to add $1 billion in new pension liabilities, which would be … which manages the school pension system, waited for three years … payments on the increased pension debt, greatly increasing the … unfunded liabilities the school pension system carried as of 2015, … more
As Soaring Pension Debt Eats Budgets, Teacher Says Reform ‘Makes No Sense’
On public radio website he suggests Republican pension reformers are ‘pathological’
… Michigan’s underfunded school pension system in the headlines, Kindred’s … up for lifetime government pensions.
“Still, the Republican … to dismantle the teacher pension system, for example, simply … required contributions to the pension fund rise from $3.2 million … has 496 teachers. If the pension burden had stayed the same … more
Michigan Now Spending More on Teacher Retiree Liabilities Than Prisons
Pension costs are crowding out other state funding
… the public school employees pension liabilities and retirement … underfunded its annual costs for pension and retiree health care for … the anticipated costs for pensions that year and 66 percent … health care.
The MPSERS’ pension has $25.8 billion in unfunded … exposure.
“Catching up on pension underfunding is a serious … more
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