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2007 House Bill 4797: Establish “graduated” retirement health benefits for new school employees

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1) Missed it by this much ...  by Mike Hignite on May 22, 2007 
I agree that future pensions for public employees needs to be addressed. I recommend doing what everyone in industry is doing. Eliminate defined benefit pensions and replace them with 403 plans (like 401(k) only for non-profits).

Defined benefit plans are cheaper to administer, fixed and finite in scope, and yet still adequate in providing for teacher retirement.

I see no point in adding another pension scheme that is only slightly less beneficial to teachers.

I further suggest that whatever actuarily accrued benefit existing teachers have earned be put into a 403 account and the pension plan be eliminated.

Michigan cannot afford to fund these pension liabilities any more than the big three auto companies can.
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2) 2007 House Bill 4797 (Establish “graduated” retirement health benefits for new school employees )  by admin on January 1, 2001 
Introduced in the House on May 17, 2007

Click here to view bill details.
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