LANSING, Mich (WLNS) – Michigan lawmakers have permitted laws aimed toward underfunded municipal retirement plans, after deciding to desert a contentious proposal for state intervention in communities which are unwilling or unable to resolve their liabilities.
New variations of the payments have been handed early Thursday, capping a marathon session. Lawmakers will give a ultimate OK to the laws subsequent week.
Gov. Rick Snyder and Republican legislative leaders agreed to modifications after hitting resistance from police and firefighter unions, Democrats and lots of Republicans.
The payments now intently mirror suggestions from a activity pressure and cease in need of creating new emergency monetary groups to probably intervene in some municipalities with severely underfunded pension or retiree well being care plans.
There would nonetheless be reporting necessities and a few state involvement in guiding communities to shore up their techniques.