Government Employee Pension Reforms Passed!

Michigan small business owners support efforts to bring some common sense to generous government pensions by moving them from the unsustainable defined benefit model to the defined contribution method used in the private sector. A major step in that direction was accomplished with the passage of NFIB backed Senate Bill 401 that that would address the ongoing liability of the Michigan Public School Employees Retirement System (MPSERS), the state’s teacher pension system, by moving newly hired teachers to a 401(k)-type defined contribution plan.