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House Bill 6060 deals specifically with the Public School Employees Retirement Act, allowing newly-hired employees and current employees to opt into a defined benefit plan.
The state employee system and the public school employee system administered by ORS make up 95 percent of all active plan membership in Michigan. ORS is responsible for the 18th largest public pension system in the United States and the 47th largest pension system in the world, managing combined net assets of nearly $67.8 billion.
Whitmer officials argued that school districts will still have more money to spend in 2025 than they did in 2024, because their required contributions to the school employees' retirement plan will ...
The rankings below are the 30 largest public pension plans in the U.S., ... Michigan Retirement: $75,550 $67,496 61.4% ... Pennsylvania Public Schools: $52,891 ...
House Bill 5803 eliminates a 3% contribution Michigan public school teachers pay toward retiree health care benefits. It applies to teachers hired before Sept. 4, 2012 who are the only ones ...
The Office of Retirement Services (ORS) administers defined benefit, defined contribution, hybrid, and deferred compensation retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. Plans for over 550,000 public servants and their families, representing 1 in 9 Michigan households.
Local plans are 78.2% funded in 2022, compared to 77.8% for statewide plans. However, the historical funding trends of municipally-managed plans are similar, if not identical to statewide plans. Locally-managed public pension plans account for approximately 12% of all unfunded liabilities of non-federal retirement systems.
The Michigan Legislature also finalized legislation to make school district pension savings permanent, freeing up money to spend on other priorities. Michigan Dems mend fences with school leaders ...