retirement

Offbeat
2:07 pm
Sat April 12, 2014

Census: People more than 100 years old tend to be female and more likely to live in poverty

A new U.S. Census report says those centenarians are overwhelmingly women, with less education and higher rates of poverty than other American retirees.
Credit Steve Carmody / Michigan Radio

The 2010 census showed about 1,700 people in Michigan were more than 100 years old.

A new U.S. Census report says those centenarians are overwhelmingly women, with less education and higher rates of poverty than other American retirees.

Brian Kincel is a statistical analyst with the U.S. Census Bureau. He says the numbers reflect social and economic conditions in the 1920s, when the current crop of centenarians came of age.

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Stateside
4:24 pm
Wed November 13, 2013

How has retirement changed in Michigan?

Flickr user SalFalko Flickr

It used to be a worker could set his or her sights on retiring at age 65, get that gold watch and join the ranks of the retired.

No longer.

From longer life expectancy to the baby-boomers whose investments and house values were tanked by the Great Recession, to younger workers being squeezed out by older workers who are hanging on to their jobs longer, retirement in America has changed.

The American Retirement Initiative has come about to help lead the conversation about how to improve retirement planning for all of us.

It’s headed up by a Michigander who got his undergrad in economics and graduate business degrees from the University of Michigan. Keith Green is the President at the American Retirement Initiative and he joined us today.

Listen to the full interview above.

Politics & Government
8:37 am
Tue November 12, 2013

Kalamazoo's early retirement offers save city roughly $7 million

Monday night's city commission meeting was more of a party with balloons, munchies and cake.
Lindsey Smith Michigan Radio

The city government in Kalamazoo is working through the final stages of a major transition.

Kalamazoo is wrapping up an early retirement incentive it first offered city workers a couple years ago.

“I think we will be affected by this early retirement initiative for a long time to come,” Mayor Bobby Hopewell said.

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Politics & Government
11:37 am
Tue October 22, 2013

City of Lansing finalizes new contract with UAW employees

City Hall, Lansing, Michigan (file photo)
Steve Carmody/Michigan Radio

Some Lansing city workers have a new three year contract.

The Lansing city council gave the final OK to the contract with the city’s UAW employees last night.  

Under the contract, the city’s UAW employees will pay more toward their retirement benefits.   Also, the families of new city employees will not be eligible for health benefits after the employee retires.   The contract also includes a slight pay increase.   

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Opinion
8:53 am
Mon July 29, 2013

Michigan Attorney General intends to intervene on behalf of Detroit pensioners

Lessenberry commentary for 7/29/2013

Last week, Michigan Attorney General Bill Schuette did something many found startling, especially those politically liberal. Schuette announced that in Detroit's bankruptcy filing he intended to intervene on behalf of those who have pensions coming.

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Politics & Government
4:00 pm
Fri July 26, 2013

What do Detroit's pensioners think about city's bankruptcy?

Credit Bernt Rostad / creative commons

Detroit’s bankruptcy could impact many people’s daily lives, perhaps the city’s retirees most of all. At a banquet hall in Livonia this week the Detroit Retired City Employees Association held its annual luncheon. Over one thousand people attended. Many of them worry they may lose part or all of their pensions in the bankruptcy. 

Hear the worries, frustrations, and thoughts of retirees with close to 200 years of city service between them in their own voices below.  


Politics & Government
7:27 am
Tue July 23, 2013

In this morning's news: Dissolving school districts, pipeline protests, and Detroit pension cuts

Morning News Roundup for Tuesday, July 23, 2013
User: Brother O'Mara flickr

Buena Vista and Inkster school districts to be dissolved

The state is moving ahead to dissolve the Inkster and Buena Vista school districts. Both districts failed to meet a deadline yesterday to prove they could keep their doors open next school year. Now state officials say it could be a matter of days before the districts are dissolved, Michigan Public Radio's Jake Neher reports.

Protesters arrested at pipeline worksite

Enbridge energy is building a 285 mile pipeline across Michigan that will carry tar sands oil. The pipeline will replace the one that ruptured three years ago. Yesterday, protesters chained themselves to heavy equipment at a worksite southeast of Lansing. They say the new pipeline will present an environmental threat. Twelve people were arrested at a protest yesterday, Michigan Radio's Steve Carmody reports.

Will Detroit retirees see pension cuts?

A federal bankruptcy court will now be the scene for some huge decisions about the future of Detroit which filed for Chapter Nine protection last week. One of the key issues is whether retirees will see their benefits cut. Michigan Radio's Sarah Hulett has more.

Politics & Government
8:30 am
Tue July 16, 2013

In this morning's news: New DPS EM, retiree health care in Pontiac, EPA funds Great Lakes projects

Morning News Roundup for Tuesday, July 16, 2013
User: Brother O'Mara flickr

Detroit Public Schools get new emergency manager

Governor Rick Snyder has named Jack Martin as the new emergency manager for Detroit Public Schools. Martin replaces Roy Roberts, who is retiring after two years in the position. Martin is leaving his position as Detroit’s chief financial officer.  Roberts says DPS still has a long way to go, but conditions are noticeably better than when he started; the current budget deficit is more than $70 million.

Retiree health care coverage suspended in Pontiac

Pontiac’s emergency manager Louis Schimmel has proposed the Emergency Loan Board address an expected $6 million general fund shortfall in the current budget year. The board approved a plan to suspend health care coverage for retirees from the city of Pontiac and increase their monthly pension payments. The city's roughly 1,000 pensioners will get an extra $400 a month to buy their own health care, the Associated Press reports.

EPA now accepting Great Lakes grant applications

The U.S. Environmental Protection Agency has $9.5 million to distribute for Great Lakes projects and is looking for takers. The money comes from the Great Lakes Restoration Initiative, an Obama administration program to clean up and protect the lakes from a variety of threats. A webinar explaining the application process will be held July 30.

Politics & Government
6:58 am
Mon October 22, 2012

In this morning's Michigan news headlines. . .

User: Brother O'Mara flickr

Snyder holds town hall meeting on Prop 6 today

"Governor Snyder will hold a town hall meeting with members of the Canada-United States Business Association in Detroit today. He’ll be stressing the need for a new Detroit-Windsor bridge—and for voters to reject Proposal 6. Proposal 6 would require voter approval for any new international bridges or tunnels for motor vehicles,” Sarah Cwiek reports.

Voters in West Michigan can learn more about Prop 3 this week

"People living in West Michigan will have two opportunities early this week to learn about and discuss the so-called 25 by 25 ballot proposal. If voters pass Proposal 3, utility companies in Michigan would have to get 25-percent of their energy from renewable sources like wind and solar. There’s a panel discussion tonight with people for and against Proposal 3. It’s at the Michigan Alternative and Renewable Energy Center in Muskegon. Tomorrow morning in Grand Rapids the President of the Union of Concerned Scientists will travel from Massachusetts to join west Michigan business leaders in favor of Proposal 3," Lindsey Smith reports.

Some Michigan lawmakers looking to increase retirement age for public school employees

"Michigan lawmakers are looking at a plan that would increase the minimum retirement age for public school employees. The current retirement age is 60. But some people want to index the retirement age according to life expectancy, which would be determined every year. Mark Guastella is with the Michigan Association of Retired School Personnel. He says the system paid more than $700 million in benefits last year to people who outlived their life expectancy," Rina Miller reports.

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Law
3:52 pm
Fri September 28, 2012

State employees call court ruling a 'victory'

Ray Holman of UAW Local 6000 says the ruling is a victory for state employees.

Thousands of state employees are applauding a judge’s ruling that they shouldn't be forced to pay for their pension benefits.

An Ingham County Circuit Court judge said today that a rule requiring state employees cough up four-percent of their salaries to keep their pensions is unconstitutional.

She said it’s effectively a pay cut, something only the Michigan Civil Service Commission has the authority to enact.

Ray Holman is with UAW Local 6000, the largest state employee union in Michigan.

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1:09 pm
Fri September 28, 2012

State employee pension plan requirement ruled unconstitutional

Lead in text: 
Another law requiring state employees to pay more for their benefits was struck down in court today. This requirement governed pension plan contributions. Another law requiring retiree health care contributions was found unconstitutional last year.
LANSING - Unions representing state employees have won another battle in their fight over benefits with Gov. Rick Snyder and the Legislature. Ingham County Circuit Judge Joyce Draganchuk, in an opinion released today, ruled unconstitutional a 2011 state law that requires state employees who are members of the defined benefit pension plan to put 4% of their pay toward the retirement fund.
Education
6:46 am
Tue September 4, 2012

Retirement changes signed into law today for Michigan's teachers

Teachers in Michigan will see changes in their retirement packages.
Jennifer Guerra Michigan Radio

Governor Rick Snyder will sign legislation into law Tuesday that will make some changes to how teachers and other school employees save for their retirement.
    
School employees will have to pay more for their benefits, and those hired after today will no longer get retirement health coverage.

Instead, they will get savings accounts to help them buy insurance once they are done working.
    
Governor Snyder said he understands that many school employees are upset.

“We had to make some reforms to make it fiscally viable and financially sound f or their future, too, in terms of their retirement benefits," said Snyder. "So, it’s a case of us all working together, and sometimes change is tough on people and I appreciate that. We’re just trying to make it something that lasts for the long term for the benefit of all."

Snyder said the new approach will begin to retire a long-term pension liability estimated in the billions of dollars.

He said it will also shore up the state’s credit rating, and ensure taxpayers won’t be saddled with the costs of a bailout years down the road.
    
Teachers unions say the plan breaks promises made to school employees, and went to court on Friday with a legal challenge.

Politics & Government
1:01 am
Mon August 27, 2012

'Snowbirds' getting the attention of Republicans in Michigan and Florida

Swing voters?
Steve Carmody/Michigan Radio

Retirees are expected to play a pivotal role in this fall’s election.

Republican Party leaders in Michigan and Florida are particularly interested in one unique set of voters - the so-called Snowbirds.

Snowbird is the term used for northern retirees who spend the winters in Florida.

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Law
10:48 am
Fri August 17, 2012

Michigan Court: Teachers deduction for retiree health care unconstitutional

Flickr

LANSING, Mich. (AP) - The Michigan Court of Appeals has ruled unconstitutional a state law forcing school employees to pay 3 percent of their salary toward retiree health care.

A copy of Thursday's 2-1 ruling was released Friday.

The contribution was put into place in 2010, and unions representing teachers filed suit. In 2011, retired Ingham County Circuit Judge James Giddings, who was hearing the case before he stepped down and returned to finish the job, ruled that school employees were paying into a system that may not ultimately benefit them.

The contribution was instituted as part of an effort to save hundreds of millions of dollars for the state. MLive.com reports some unions want the money to be refunded.

Law
12:39 pm
Tue July 24, 2012

Federal court reinstates lawsuit over Flagstar stock

Flagstar Bank branch in Ann Arbor
Dwight Burdette Wikimedia Commons

Some current and former employees will get another chance to pursue a lawsuit against Flagstar Bank over company stock in their retirement accounts.

A federal appeals court has reinstated the case in Detroit federal court. The Troy-based bank is blamed for offering Flagstar stock to employees at a time when the bank was in perilous shape.

Flagstar's stock price lately has been under a dollar, compared with nearly $15 in 2007. The court says the lawsuit raises a "plausible claim" that Flagstar breached its fiduciary duty to employees during that time.

The bank has said workers made their own investment decisions.

Flagstar recently announced its first profitable quarter since 2008. It has 111 branches in Michigan.

Auto
10:40 am
Fri July 20, 2012

Deadline day for GM retirees pension buyout offer

GM's headquarters in Detroit.
John F. Martin Creative Commons

Today is the deadline for more than 40,000 General Motors retirees to accept their former employer's offer of a lump sum buyout of their pensions.

Otherwise, their pensions will be taken over by Prudential Insurance.

GM's Randy Arrix said the change is part of the company's efforts to create what it calls a "fortress balance sheet."  Getting underfunded pensions off the books strengthens the balance sheet.

"Pension obligations are very volatile, and they're volatile because they're dependent on some things within our control like contributions, and other things that are not, said Arrix.

Some GM retirees are angry about the change, which they see as a broken promise by GM, but for others, the buyout is an opportunity to control their own money.

Auto
7:30 am
Wed May 16, 2012

Retirees await details of Ford’s offer to pay pensions in lump sum

From left to right Ford retirees Larry Mcknee, Robert Matsui, Allan Yee, and Bill Reckinger meet up Friday afternoons for golf.
Alex Schulte Michigan Radio

90,000 white collar Ford retirees will soon have a big decision to make. Should they stay in the auto company’s pension plan? Or take their chances with a lump sum payout instead?

The offer Ford Motor Company announced in late April is believed to be the first of its kind for such a large ongoing pension fund.

Lump sum the buzz at Ford retirement clubs

In Michigan there are more than 30 clubs for Ford retirees. The lump sum option is the conversation at retiree club meetings right now.

“Retirees are going to have to make a decision about mortality, about death; their own. That’s not something we do every day,” Ford retiree Charles White said. White worked at the Dearborn campus for 29 years in engineering management. He retired in 1996.

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Education
5:59 pm
Wed May 2, 2012

Teacher retirement fund needs help

There’s an ongoing debate about how to sustainably fund the Michigan Public School Employee Retirement System.

According the Bridge Magazine, an online publication of the Center for Michigan, the retirement system is underfunded by $45 billion.

Bridge Magazine staff writer, Nancy Derringer, has taken an in-depth look at this issue.

Derringer notes that Senate bill 1040 would change the way the retirement system is funded. "If you are a new employee your contribution to the retire system would increase to 8%. And they currently pay 3 and 6.2 % of their salary. And then if you are a retiree you currently have your health care premiums 90% paid by the state and you pay 10%, that would switch to 80/20."

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Auto/Economy
2:48 pm
Wed April 11, 2012

It's tax season, let's talk about money and your future

Michigan Radio and Changing Gears are collecting stories about how people are planning ahead in a tough economy, and we’d like your help. What’s on your mind as you plan for what comes next?

You can follow this link to share your thoughts.

We want to hear from you – whether you’re planning for retirement, saving for a home, sending kids to college, or just starting a career. If you’re retired, have you had to make some adjustments?

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A Love Story
7:00 am
Tue February 14, 2012

Two seniors reconnect after 50 years, getting married today

Judith Narrol and Ed Storement rekindled their love after 56 years apart.
Kyle Norris

Romantic love, crazy love, puppy love -- there are all kinds of loves. But there's another kind of love some people experience, and that's love late in their lives.

That's what happened with 70-year-old Judith Narrol and 71-year-old Ed Storement.

They grew up in the same neighborhood in Salem, Ill., but went on to marry different people and raise separate families.

The two have recently reconnected 56 years later.

"He was the guy who sat on my stoop," says Judith, who explains that the couple's religious differences — she is Jewish and he is a Southern Baptist — caused their families to forbid their courtship.

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