2007 House Bill 4511: Balance budget with reduced school pension fund contribution

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Introduced by Rep. Lee Gonzales (D) on March 22, 2007, to change definitions in the school employees pension law so as to allow a one-time pension contribution that is less than the true actuarially sound amount under generally accepted accounting principles, as proposed in House Bill 4530. The bill is part of Gov. Granholm’s plan to close a gap between desired spending and expected revenues in Fiscal Year 2006-2007 (and this element has also been adopted in a Senate Republican plan to close the gap).
- Referred to the House Appropriations Committee on March 22, 2007.

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1) Is this how budgets are balanced? by searchforthetruth on August 15, 2007
Yes, this is how budgets are balanced by spineless politicians. Yes, it will increase the unfunded liability. As of 12/31/05, the Michigan Employees Retirement System was 76% funded (almost $1.6 billion underfunded).

http://www.mersofmich.com/formfiles/Consolidated%20Report%202005.pdf
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2) Is this how budgets are balanced by Anonymous Citizen on March 27, 2007
by not meeting obligations? Won't this just increase the pension liabilities and cause taxes to be increased at a later date to pay for them? Are state health and retirement plans fully funded at the present?
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3) 2007 House Bill 4511 (Balance budget with reduced school pension fund contribution ) by admin on January 1, 2001
Introduced in the House on March 22, 2007

Click here to view bill details.
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