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Key Votes

SB 401 - Amends Teacher Retirement Plans - Michigan Key Vote

Wayne Schmidt voted Yea (Passage) on this Legislation.

Read statements Wayne Schmidt made in this general time period.

Timeline

Issues Related to SB 401

Stage Details

Legislation - Signed (Executive) -

Title: Amends Teacher Retirement Plans

Legislation - Bill Passed (House) (55-51) - (Key vote)
See How Your Politicians Voted

Title: Amends Teacher Retirement Plans

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that amends teacher retirement plans by converting teacher retirement accounts into 401(k) accounts

Highlights:

 

  • Requires that all retirement contributions must be split 50-50 between the employer and employee (Sec. 41).

  • Requires the retirement system to have both fixed and variable annuity options available (Sec. 108).

  • Prohibits the normal cost contribution rate to teacher retirement plans from being less than the cost of the immediately preceding year (Sec. 41).

  • Specifies that the unfunded actuarial accrued liability of an employer’s payroll may not exceed 20.96% for a reporting unit that is not a university (Sec. 41).

  • Establishes that the department will assume a 6% rate of return on investments per year of teachers who entered the retirement savings system after February 1, 2018 (Sec. 41).

  • Specifies that the department assumes an annual salary increase of 4% for teachers (Sec. 41).

  • Authorizes the retirement system to determine different rates for individuals who became members between July 1, 2010 and February 1, 2018 (Sec. 41).

  • Specifies that if a member dies, the payments they made must be refunded to their beneficiary if requested (Sec. 42).

  • Prohibits individuals from purchasing more than 5 years of service credit towards retirement allowance eligibility (Sec. 69).

  • Requires service credit to be granted when an individual is on a sabbatical leave authorized by a reporting unit (Sec. 71).

  • Prohibits purchasing service credit for the time of an individual’s absence that occurred during childbirth and recuperation (Sec. 79).

Legislation - Bill Passed (Senate) (21-17) - (Key vote)
See How Your Politicians Voted

Title: Amends Teacher Retirement Plans

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that amends teacher retirement plans by converting teacher retirement accounts into 401(k) accounts

Highlights:

 

  • Requires that all retirement contributions must be split 50-50 between the employer and employee (Sec. 41).

  • Requires the retirement system to have both fixed and variable annuity options available (Sec. 108).

  • Prohibits the normal cost contribution rate to teacher retirement plans from being less than the cost of the immediately preceding year (Sec. 41).

  • Specifies that the unfunded actuarial accrued liability of an employer’s payroll may not exceed 20.96% for a reporting unit that is not a university (Sec. 41).

  • Establishes that the department will assume a 6% rate of return on investments per year of teachers who entered the retirement savings system after February 1, 2018 (Sec. 41).

  • Specifies that the department assumes an annual salary increase of 4% for teachers (Sec. 41).

  • Authorizes the retirement system to determine different rates for individuals who became members between July 1, 2010 and February 1, 2018 (Sec. 41).

  • Specifies that if a member dies, the payments they made must be refunded to their beneficiary if requested (Sec. 42).

  • Prohibits individuals from purchasing more than 5 years of service credit towards retirement allowance eligibility (Sec. 69).

  • Requires service credit to be granted when an individual is on a sabbatical leave authorized by a reporting unit (Sec. 71).

  • Prohibits purchasing service credit for the time of an individual’s absence that occurred during childbirth and recuperation (Sec. 79).

Legislation - Introduced (Senate) -

Title: Amends Teacher Retirement Plans

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