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2007 House Bill 4530: Balance budget with reduced school pension fund contribution (Senate Roll Call 135)

Passed 37 to 0 in the Senate on May 22, 2007, to allow a one-time revision in the formula used by the school employee pension fund to determine how large an annual state contribution is required to cover part of the liability created by promising school employees a defined level of annual post-retirement pension benefits in the years ahead. One of the elements in actuarial liability projections is the value of equities (stocks) in the pension fund’s portfolio, and the usual practice in determining the required annual contribution is to use a five-year moving average of their value, to account for market fluctuations. The bill would allow a one-year average, which given a strong stock market in the past year, has the effect of reducing the state contribution by $190 million less than the true actuarially sound amount, under generally accepted accounting principles. Also, to allow a one-time only “interest only” pension contribution, which is $93 million less than the true actuarially sound amount. The bill began as 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 as part of a work-in-progress consensus plan to close part of the gap.
View All of House Bill 4530: History, Amendments & Comments 

Vote
In Favor In Favor
Against Against
Not Voting Not Voting
 Undecided
Republican
100100%
1000%
1000%
21 total votes
Democrat
94694%
1000%
5955%
17 total votes
Voters
1000%
100100%
1000%
1 total vote

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IN FAVOR

SENATE DEMOCRATS

Anderson (D)Barcia (D)Basham (D)Brater (D)Cherry (D)
Clark-Coleman (D)Clarke (D)Gleason (D)Hunter (D)Jacobs (D)
Olshove (D)Prusi (D)Schauer (D)Scott (D)Switalski (D)
Whitmer (D)    

SENATE REPUBLICANS

Allen (R)Birkholz (R)Bishop (R)Brown (R)Cassis (R)
Cropsey (R)Garcia (R)George (R)Gilbert (R)Hardiman (R)
Jansen (R)Jelinek (R)Kahn (R)Kuipers (R)McManus (R)
Pappageorge (R)Patterson (R)Richardville (R)Sanborn (R)Stamas (R)
Van Woerkom (R)    


AGAINST

SENATE DEMOCRATS
none

SENATE REPUBLICANS
none


SENATE LEGISLATORS WHO DID NOT VOTE

Thomas (D)

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SENATE LEGISLATORS ALL VOTES

Y    Allen (R)Y    Anderson (D)Y    Barcia (D)Y    Basham (D)
Y    Birkholz (R)Y    Bishop (R)Y    Brater (D)Y    Brown (R)
Y    Cassis (R)Y    Cherry (D)Y    Clark-Coleman (D)Y    Clarke (D)
Y    Cropsey (R)Y    Garcia (R)Y    George (R)Y    Gilbert (R)
Y    Gleason (D)Y    Hardiman (R)Y    Hunter (D)Y    Jacobs (D)
Y    Jansen (R)Y    Jelinek (R)Y    Kahn (R)Y    Kuipers (R)
Y    McManus (R)Y    Olshove (D)Y    Pappageorge (R)Y    Patterson (R)
Y    Prusi (D)Y    Richardville (R)Y    Sanborn (R)Y    Schauer (D)
Y    Scott (D)Y    Stamas (R)Y    Switalski (D)  -  Thomas (D)
Y    Van Woerkom (R)Y    Whitmer (D)  

Senate Roll Call 135 on 2007 House Bill 4530

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