The Michigan Senate on Wednesday voted to make some changes to the public schools retirement system. The plan increases what new school hires have to pay into their pensions, but it does not end the defined benefit system, as some Republicans had been advocating. Among them is State Senator John Proos, who told us that he voted No on the changes this week because they didn't go far enough:
Proos says that many businesses have learned that defined pensions are far too expensive to maintain, and moved on to the 401 K models. The plan approved Wednesday calls for the 401 K switch to be studied for 90 days, and Proos says he'll be the first in line to vote for such a reform if it comes up at that time.
|
Listen: |
|
Proos says that many businesses have learned that defined pensions are far too expensive to maintain, and moved on to the 401 K models. The plan approved Wednesday calls for the 401 K switch to be studied for 90 days, and Proos says he'll be the first in line to vote for such a reform if it comes up at that time.
WebReadyTM Powered by WireReady® NSI
E-Mail
Print
