2018 House Bill 6371

Require “straight-line” amortization of municipal pension debt

Introduced in the House

Sept. 12, 2018

Introduced by Rep. James Lower (R-70)

To prohibit local government pension systems from using an “adjustable” amortization method to pay off the unfunded liabilities they have accumulated by failing to fully fund retirement benefits promised to employees. A local could unit continue using such a debt-retirement plan only if it gets permission from the state.

Referred to the Committee on Michigan Competitiveness