Introduced
by
To accelerate by one year the 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 law is currently set to expire at the end of 2018. See also Senate Bill 686.
Referred to the Committee on Michigan Competitiveness
Reported without amendment
With the recommendation that the bill pass.
Referred to the Committee on Appropriations
