LANSING, MI (MPRN)-- The state Legislature met into the night to adopt some changes in how local
government pensions are managed, but the deal was not everything Governor Rick Snyder was hoping for.
Snyder is a CPA/investor turned politician, and he’s had his eye for a while on making sure local retirement plans are better funded. These bills were not as far as he wanted to go, but the governor badly wanted something done before the Legislature leaves for its winter break.
“…because this is an issue that doesn’t get better with time,” he said.
The legislation adopted overnight would require the state Treasury to examine local retirement funds and identify ones that might not be able to meet their obligations. Provisions to allow a state board to force budget cuts, selling assets, or benefit rollbacks were dropped.
Final votes to send the bills to Snyder’s desk are expected next week.