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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 Michigan Public School Employees' Retirement System (MPSERS) collects and compiles employee wage, contribution, and service information from approximately 549 K-12 districts, 46 public school academy/charter schools, 7 universities, 28 community colleges, 55 intermediate school districts, and 10 libraries.
Saving for retirement will get a boost in 2025 thanks to higher contribution limits and the phase-in of provisions stemming from the Secure 2.0 Act. ... and the rate must increase every year by 1% ...
In another study, Equable Institute found that the total lifetime value of teacher pension benefits have declined by $100,000 on average (13%) since 2005. A teacher hired for the 2005 school year can expect to earn $768,000 in retirement benefits, where as a teacher hired for the 2023 school year can expect to earn $668,000. [19
The Democrats, for their part, have defended the budget by pointing to the decrease in contributions to the educator retirement system, which they argue helps make up for the unchanged per-student ...
What states passed school choice measures in 2024, and what's in store for 2025? ... Average rate on a 30-year US mortgage hits 6.91%, according to Freddie Mac, the ...
In Michigan, the inequality in per-pupil based funding has decreased after Proposal A's passage. [9]: 23 Before Proposal A was approved, 80% of Michigan school operating funds came from local property taxes. This funding structure was the main cause of unequal funding, because property values differed across local districts.
Up to $18.4 million for Pontiac City School District to pay an outstanding emergency loan balance; Up to $12.1 million to pay off outstanding bonds and other debt taken on by Inkster Schools ...