Michigan Senate may vote today to dump pensions for new teachers | MLive.com
Other provisions of the legislation would:
Make retirees pay at least 20 percent of their health care premiums. They currently pay no more than 10 percent.
Eliminate health care coverage for employees hired after July 1 of this year.
Instead, school districts would have to make a 2 percent matching contribution into an employee's 401(k) account in lieu of health coverage.
Exclude merit pay, tax-sheltered annuities and longevity pay from the definition of "compensation" for the purposes of calculating pensions.
Cap the final average compensation for new employees at $100,000, adjusted annually for inflation.
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