To revise details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for new school employees. The bill would revise but not eliminate a requirement that the state offer a "variable" annuity option "with an available guaranteed lifetime income option" in addition to a "fixed" annuity option, and would establish competitive bidding requirements for selecting an annuity provider.
| 58 Yeas / 49 Nays | |
|---|---|
| Excused or Not Voting (2) | |
|---|---|
