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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
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