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Mackinac Center for Public Policy
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2014 Senate Bill 922: Authorize local “pension obligation bonds”
  1. Introduced by Sen. Jack Brandenburg (R) on May 1, 2014, to extend for one year the Dec. 31, 2014 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed if the local has closed its traditional “defined benefit” pension system to new employees.
    • Referred to the Senate Finance Committee on May 1, 2014.
      • Reported in the Senate on June 10, 2014, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
  2. Passed 38 to 0 in the Senate on June 12, 2014, to extend for one year the Dec. 31, 2014 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, if the local has closed its traditional “defined benefit” pension system to new employees.
    Who Voted "Yes" and Who Voted "No"

  3. Received in the House on June 12, 2014.
    • Referred to the House Financial Liability Reform Committee on June 12, 2014.
      • Reported in the House on September 11, 2014, without amendment and with the recommendation that the bill pass.
  4. Passed 107 to 1 in the House on September 23, 2014, to extend for one year the Dec. 31, 2014 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed if the local has closed its traditional “defined benefit” pension system to new employees.
    Who Voted "Yes" and Who Voted "No"

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