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HB 5021 - Amends Retirement Plans for New Hires in the Michigan Public School Employees Retirement System - Michigan Key Vote

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Title: Amends Retirement Plans for New Hires in the Michigan Public School Employees Retirement System

Signed by Governor Gretchen Whitmer


Title: Amends Retirement Plans for New Hires in the Michigan Public School Employees Retirement System

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Title: Amends Retirement Plans for New Hires in the Michigan Public School Employees Retirement System

Vote Smart's Synopsis:

Vote to pass a bill that amends the default retirement plan for new hires in the Michigan Public School Employees Retirement System from the 401(k) plan to the pension plus plan.

Highlights:

  • Amends the default retirement plan for new hires in the Michigan Public School Employees Retirement System from the 401(k) tier 1 plan to the pension plus tier 2 plan starting July 1, 2024 (Sec. 1).

  • Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the governor (Sec. 1).

Full Bill Text

Title: Amends Retirement Plans for New Hires in the Michigan Public School Employees Retirement System

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