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2015 Senate Bill 86: Authorize more local “pension obligation bonds”

Public Act 46 of 2015

Introduced by Sen. Jack Brandenburg (R) on February 10, 2015 To extend for one year the Dec. 31, 2015 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed only if the local has closed its traditional “defined benefit” pension system to new employees. The law also allows locals to incur long term debt to pay for future retiree health insurance costs, which unlike pensions are not legally enforceable obligations. This would be the second extension of this deadline.   Official Text and Analysis.
Referred to the Senate Finance Committee on February 10, 2015
Reported in the Senate on February 19, 2015 With the recommendation that the bill pass.
Passed 36 to 0 in the Senate on March 4, 2015.
    See Who Voted "Yes" and Who Voted "No".
To extend for three years the Dec. 31, 2015 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed only if the local has closed its traditional “defined benefit” pension system to new employees. The law also allows locals to incur long term debt to pay for future retiree health insurance costs, which unlike pensions are not legally enforceable obligations. This would be the second extension of this deadline.
Moved to reconsider by Sen. Mike Kowall (R) on March 4, 2015 The vote by which the bill was passed.
The motion passed by voice vote in the Senate on March 4, 2015
Received in the Senate on March 4, 2015
Passed 38 to 0 in the Senate on March 4, 2015.
    See Who Voted "Yes" and Who Voted "No".
(same description)
To extend for one year the Dec. 31, 2015 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed only if the local has closed its traditional “defined benefit” pension system to new employees. The law also allows locals to incur long term debt to pay for future retiree health insurance costs, which unlike pensions are not legally enforceable obligations. This would be the second extension of this deadline.
Received in the House on March 4, 2015
Referred to the House Financial Liability Reform Committee on March 4, 2015
Reported in the House on May 7, 2015 Without amendment and with the recommendation that the bill pass.
Passed 109 to 1 in the House on May 20, 2015.
    See Who Voted "Yes" and Who Voted "No".
(same description)
To extend for three years the Dec. 31, 2015 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed only if the local has closed its traditional “defined benefit” pension system to new employees. The law also allows locals to incur long term debt to pay for future retiree health insurance costs, which unlike pensions are not legally enforceable obligations. This would be the second extension of this deadline.
Signed by Gov. Rick Snyder on June 8, 2015

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