There's an agreement in principle on a plan that could prompt thousands of school employees to retire this summer
LANSING (AP) -- Michigan lawmakers have reached a breakthrough on a retirement plan for public school employees.
Senate Republicans and House Democrats said Thursday there's an agreement in principle on a plan that could prompt thousands of school employees to retire this summer.
Lawmakers in both the House and Senate were having internal caucus meetings on the plan Thursday afternoon. Votes were possible late Thursday.
A retirement incentive plan might allow schools to avoid layoffs or save money by replacing older workers with younger, lower paid employees.
The proposal also would save schools cash because it would require employees to pay an additional three percent of their salaries into retirement plans.
Those savings would offset likely cuts in state aid made to schools on per-student basis.
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