LANSING, Mich. — After Gov. Rick Snyder signed comprehensive reform to the Michigan Public School Employees Retirement System (MPSERS), bill sponsor and Senate Education Committee Chairman Phil Pavlov issued the following statement:
“This landmark reform makes responsible changes to ensure a secure retirement for the state’s current and future school employees while protecting future generations of taxpayers from further debt.
“Retirees and current school employees with pension plans will see no change to their retirement. With this reform, future school employees will receive a competitive retirement plan that is flexible and portable to meet their long-term goals.
“Smart, corrective action was required to address a school employee pension system that has an unfunded liability of nearly $30 billion. The unsustainable growth in retirement costs impacts our schools ability to provide the best education possible to our children.
“This is a sustainable and affordable solution that provides new teachers with a modern retirement that mirrors plans offered to state employees and legislators.”