Introduced
by
To revise a 2012 law that allows municipalities to borrow money to cover unfunded pension liabilities if this is done as part of a plan to close a traditional “defined benefit” pension system to new employees. The bill would allow local governments with lower credit ratings to incur this debt if they are not under a “corrective action plan” required by the state (see 2017 Senate Bill 686), or are in the process of closing their defined benefit pension plan.
Referred to the Committee on Michigan Competitiveness
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Referred to the Committee on Michigan Competitiveness
Passed in the Senate 28 to 9 (details)
