MLive.com: Michigan senator promises teacher pension reform bill will pass in August after second no-vote night
Michigan Senate Majority Leader Randy Richardville is “confident” the teacher pension reform bill will pass Aug. 15, an MLive.com article stated, after another no-vote in the Senate Wednesday.
The Senate took up the topic of reforming the Michigan Public School Employee Retirement System (MPSERS) for a second time. But once again, the compromise plan that passed 57-47 in the House of Representatives in June, divided the Senate Republicans.
The Senate was supposed to vote on the reform legislation in June as well. However, Richardsville, R-Monroe, can't string together enough votes to support the bill, legislators say.
MLive.com reported the sticking point appears to be a portion of the compromise that would move new teachers to a 401(k) pension plan.
“I think that you can take it to the bank that this reform will be voted on on Aug. 15,” Richardville said in the MLive.com article. “I’ll stay as long as we need to to get it done on that date.”
The teacher pension reform bill would prevent the retirement contribution rate for school districts from increasing from 24.4 percent of districts' total payroll to 27.37 percent in 2012-13 and 31.21 percent in 2013-14.
Read the complete MLive.com article here.
The chart below shows the financial impact to Washtenaw County school districts.
Previous coverage: Washtenaw County lawmakers divided on public school employee pension reform