CBS62logoNEW2013_blue_final_header_White wwj950-sm2011b 971-ticket-35smb 35h_CBSSportsRad_Detroit
LARRY DELISLE BREAKS SILENCE 25 YEARS AFTER DRIVING KIDS INTO DETROIT RIVER - READ MORE

Local

Report: Switching Michigan Teacher Pensions Would Be Pricey

View Comments
iStockphoto

iStockphoto

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

LANSING (WWJ) – Switching Michigan teachers out of traditional pensions and into government savings plans may cost more than it would save.

That’s the assessment of a bill now pending in the State Senate from Gary Olsen – the Senate Fiscal Agency Director under Governor Granholm.

“Those costs are very significant actually over six years with the total increase costs of the shift would be $1.4 billon,” said Olsen.

Olsen has written an analysis of the legislation for the “Coalition for Secure Retirement”.

The bill would mandate all new teachers be placed into 401K style plans instead of “defined pension plans”.

View Comments
blog comments powered by Disqus