Introduced
by
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 Committee on Appropriations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 80 to 28 (details)
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
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.
