The state Senate approved legislation on Thursday to switch future employees to a 401K retirement plan
LANSING -- The pension plan for Michigan Public School employees could be coming to an end.
The state Senate approved legislation on Thursday to switch future employees to a 401K retirement plan. The measure now moves to the state house. A key provision would end the pension plan for teachers hired after July 1, 2013.
Proponents say the changes would reduce a $45 billion unfunded liability. Critics counter they could cost the state billions in the years ahead.
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