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• Introduced by Sen. Michael Switalski (D) on March 27, 2007, to allow a one-time “interest only” contribution to the state employee pension fund. The fund exists to offset the projected liability created by promising state government employees hired before 1997 a defined level of annual post-retirement pension benefits in the years ahead. An “interest only” pension contribution would be $83.7 million less than the true actuarially sound amount under generally accepted accounting principles. 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.) See also House Bill 4530.
  • Referred to the Senate Appropriations Committee on March 27, 2007.