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MI wants to drop future teachers from pensions to savings accounts

By   /   June 7, 2012  /   No Comments

By Patrick J. Wright and Thomas Shull | Michigan Capitol Confidential

LANSING — Michigan state government’s pension fund for public school employees has an unfunded liability of $17.6 billion, a massive shortfall.

In response, the Michigan Senate has voted to close the plan to school employees hired after 2012, so they won’t add to the fund’s liabilities; these workers would receive retirement savings accounts instead.

Read the complete story at Michigan Capitol Confidential

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