Pushing Teacher Retirement, Altering Pensions in Michigan

In the latest attempt at reconciling the state budget and ensuring short-term solvency, the state government has approved a retirement incentive program that will retire 56,000 teachers and save schools billions.

But with the incentive comes a change to teacher pensions. As of July 1, 2010, teachers enrolled in state pension plans will pay 3 percent of each paycheck to health care costs for retirees. Any new employees hired after July 1, 2010 will enter the new hybrid plan, where they are to contribute 1.5 percent for the 2010-2011 year, and 3 percent thereafter.

Read about the Retirement Incentive at Michigan.gov

Read about the Pension Reform at Michigan.gov

Read more at Mlive.com