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Mackinac Center for Public Policy
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2009 Senate Bill 927: Authorize “pension obligation bonds” for government retiree health benefits
  1. Introduced by Sen. Mark Jansen (R) on October 20, 2009, to give cities, villages townships and county governments the power to borrow without a vote of the people to pay for the health benefits that current and past officials have offered to government employees after they retire. A referendum on the debt would be required only if someone gathered signatures from 5 percent of local registered voters or 10,000, whichever is lower. The amount of debt imposed for these non-pension benefits for retired government employees could be as high as 5 percent of the jurisdiction's state equalized property value. Note: Under the current state constitution taxpayers are not required to pay these retiree health benefits, so the bill would essentially convert something optional into an enforceable obligation to repay bondholders.
    • Referred to the Senate Appropriations Committee on October 20, 2009.
      • Reported in the Senate on December 19, 2009, with the recommendation that the substitute (S-2) be adopted and that the bill then pass.

Comments

Re: 2009 Senate Bill 927 (Authorize new debt to pay government employee retirement health benefits )  by LakeOrionMom on October 30, 2009 

No more taxes. The well is dry. Here in Michigan thousands have lost their jobs. They have been told no more defined benefit retirement plans...no more match to 401k yet they are to cough up $$ to pay for state employees and the cronies in govt. Forget it. If I could sell my house I would -- just like the hundreds of thousands of others have since 2000. Stop the madness. Proposed by a Republican? You don't represent me. I no longer affiliate myself with your party.


 



2009 Senate Bill 927 (Authorize new debt to pay government employee retirement health benefits )  by admin on January 1, 2001 
Introduced in the Senate on October 20, 2009

Click here to view bill details.

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