The Coalition for Secure Retirement (CSR) released a study today examining the current state of the Michigan Public School Employees Retirement System (MPSERS) and analyzing the reasons why the system is experiencing financial problems. MEA is a partner in the coalition.
Today, the Senate Appropriations Committee discharged a substitute version of SB 1040on a 10-5 vote, but the changes do little to help out current and future school employees or retirees. Contrary to earlier reports from lawmakers and the media, many positive changes were left out of the bill.
The latest version of SB 1040—legislation that attacks school employee retirement benefits—will be taken up tomorrow by the Senate Appropriations Committee. Despite the fact that there is no specific language yet for the bill, MEA continues to monitor the bill’s progress and is providing an updated analysisand talking points reflecting the change so far.
Late Friday, Gov. Snyder, Senate Majority Leader Randy Richardville, and House Speaker Jase Bolger announced some significant changes to SB 1040—the bill to drastically change school employee retirement benefits.
Prior to the Senate Appropriations Retirement Subcommittee’s day-long hearing on SB 1040, the Coalition for Secure Retirement-Michigan (CSR) held a news conference denouncing the legislation for “undermining the retirement security of current and future school retirees and dramatically increasing employee contributions.” MEA is a member of CSR, which represents active and retired school employees, corrections employees and nurses—the middle class.