By Jack Spencer | Michigan Capitol Confidential
For the eighth time in the past 10 years, the state of Michigan has failed to meet the “annual required contribution” level estimated to catch up on unfunded school employee pension promises.
Due to years of failing to fully pay this contribution, the Michigan Public School Employees’ Retirement System (MPSERS) now is underfunded by $22.4 billion. The contribution for 2012 should have been $1.74 billion. However, the state invested $1.45 billion, resulting in a $290 million shortfall.