retirement

government
11:17 am
Thu December 29, 2011

More than 70% of eligible Kalamazoo City workers already signed up for early retirement

Kalamazoo City Hall
Sean Marshall Creative Commons

265 Kalamazoo City employees are eligible for the early retirement incentive. According to the city’s Human Resources Director Jerome Post, 191 of them have already signed up. “I have to admit I’m a little surprised at the number of people,” Post said the number is higher than he expected.

 “It’s been a little bit anxiety ridden for us but at the same time we’ve been very excited about the opportunity this presents for us to restructure virtually every department in the city,” Post said.

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Politics
4:31 pm
Thu December 15, 2011

Michigan governor signs bills affecting state workers

LANSING, Mich. (AP) - Gov. Rick Snyder has signed two bills that will affect some state workers' retiree health care benefits and reduce the future amount the state needs to fund by $5.6 billion.

Workers hired after Jan. 1 won't get state health care coverage when they retire, although they'll get an extra 2 percent match in their 401(k) or 457 retirement plans while working to help them save for future health care costs.

The legislation signed Thursday also refunds the 3 percent contribution toward retiree health care that state workers have been paying for more than a year.

The refunds go out Jan. 19. Workers can choose to receive the money in their paychecks or as a deposit into their retirement accounts. A worker making $50,000 a year should get about $1,500 back.

Politics
1:14 pm
Fri December 2, 2011

Michigan retirees call for repeal of new retirement income tax

LANSING, Mich. (AP) - Organizations representing retiree groups say they want the Michigan Legislature to repeal an unpopular tax on pensions, or lawmakers will pay the political price in the 2012 election.

The AARP and groups representing public employee retirees called for a repeal Friday before the new tax plan takes effect in January.

The groups say they haven't ruled out filing suit in federal court to try and block the changes, but they are focused on getting lawmakers to take action.

Politics
5:11 pm
Thu November 3, 2011

House approves state worker retirement contribution

Michigan state workers may soon be required to contribute four percent of their salaries into their retirement benefit plans, or choose to convert their retirement benefits to a 401-K plan.

That’s according to a bill approved by the state House.

Democratic state Representative Brandon Dillon said the proposal puts the health and wellness of future retirees at risk.

"We should be looking at ways to expand access to health care, whether in the public or private sector, and the reality is this bill is going to make people’s health care and the ability to get treatment essentially based on the stock market, which we know in the past 10 years has been pretty tough, and I just don’t think that’s the right direction to go," said Dillon.

State employees currently contribute three percent of their salaries to their retirement benefits plans.

Republicans say the current retirement plan is not financially sustainable with too many retirement obligations going into the future.

Commentary
12:09 pm
Fri October 7, 2011

Shared Sacrifice? Not So Much

When your local state legislator campaigns for reelection next time, or runs for some other office, they may remind you of how they helped save the state by gallantly giving up their retirement health care benefits.

When and if they do, you might want to remember that this is mostly a form of horse exhaust. With a very few exceptions, they didn’t vote to give up their benefits at all.

They voted to deny benefits to other people who haven’t been elected yet, and who could theoretically change the law back.

As for our current band of elected leaders - they are mostly keeping their benefits, thank you very much.

Here’s what’s really going on. Retired Michigan legislators have, in fact, been getting taxpayer-subsidized health care benefits since the nineteen-fifties. By the way, it was a solidly Republican legislature that first voted to do this. Contrary to some propaganda you may have been hearing, the benefits aren’t completely free, and they don‘t kick in till the ex-lawmakers reach age fifty-five.

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Economy
1:01 am
Wed August 10, 2011

Treasury Dept: state retirement funds sound, despite stock market decline

(photo by Steve Carmody/Michigan Radio)

The people who manage more than 50 billion dollars in state retirement funds say the recent stock market drop should not be a serious long term problem.    More than 400 thousand former state employees, teachers, state troopers and  judges receive checks from the state managed retirement funds. 

Terry Stanton is with the State Treasury Department.   He says the retirement fund  is managed to absorb the changes in the financial world. 

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