February 6, 2017

DEFINING THE CONTRIBUTION INSTEAD OF THE BENEFIT:

Michigan leads effort to shift workers away from pensions (DAVID EGGERT, Associated Press)

Struggling under the weight of pension and health care obligations, Michigan lawmakers appear ready to take another whack at public employee benefits -- a move that reflects renewed determination to shift workers to 401(k)-style retirement systems, even if it happens in baby steps.

Other states have made more modest changes, but the latest push shows that conservatives want to approve big reforms 20 years after Michigan became the first state to close pensions to future state workers. Republican Gov. Rick Snyder is pressing to address $14 billion in unfunded liabilities, mostly from retiree medical costs, spread across more than 330 communities.

We are all Third Way now.

Posted by at February 6, 2017 7:08 AM

  

« THE ONLY THREAT TO OUR WAY OF LIFE IS INTERNAL: | Main | IT'S A DEFLATIONARY EPOCH: »