[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-322890-105":3,"detail-sidebar-cat-0-en-105":80,"doc-detail-322890-en":130},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","law-is-sought-to-end-pension-deficit","Law Is Sought to End Pension Deficit","","A report details a Michigan pension funding deficit for school employees and outlines new state legislative efforts to restore financial soundness. It explains actions taken by the MEA Board in mid-January, including support for proposed changes to retirement fund financing and eligibility-related minimum benefits. The coverage also links the initiative to trust fund shortfalls, employer contribution gaps, and forthcoming details in upcoming MEA journal 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problem does the report focus on regarding Michigan school pensions?","Question",{"text":62,"@type":63},"It focuses on a deficit in the Michigan pension fund for school employees and the need for financial solutions to address unfunded liabilities.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"What does the proposed law aim to do?",{"text":67,"@type":63},"The proposal aims to make the pension fund financially sound by adjusting how it is funded and by avoiding depletion of available pension money.",{"name":69,"@type":60,"acceptedAnswer":70},"What minimum retirement allowance changes are discussed?",{"text":71,"@type":63},"The report describes an MEA-supported proposal requiring at least $1,800 per year for school employees with 30 years or more of full-time service, raising the current minimum from 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Pension Deficit\n\nBOARD  \nACTION  \nnew proposal would hike therate to 9 per cent for 1964-65.In the following fiscal ycarsthe contribution would rise to  \nAs increasing attention is beinggiven to the deficit of the Michi-gan pension fund for schoolemployees,a new law is beingsought to make the fund fi-nancially sound.As of last June  \nfunded past service liabilities.  \nAt its_mid-January meeting,the MEA Board of Directorstook action which will influencea wide range of Associationactivities.The board:  \nTo solve the problcm,theretirement boards have jointlyproposed that a bill be intro-duced in the legislature whichwould avoid using all availablemoney in the pension funds.The MEA endorses the pro-posal.  \n10.5 per ccnt,12.5 per cent and  \n13.12 per cent for 1967-68.  \n/Approved initiation and sup-port of legislation for a newstate school aid formula(seeseparate item).  \nThe retirement boards believethat such a plan would even-tually lead to a sound and com-pletely financed retirement sys-tem.More details concerningthe retirement fund will appearin the March 1 ME Journal.  \n30,the trust fund-from whichretired school employees drawtheir pensions-had an un-funded liability of more than$403 million,says LawrenceVan Zwoll of the MichiganSchool Employees RetirementSystem and Augustus Christie ofthe Detroit School EmployeesRetirement System.  \nFrom 1945 until now,from5 to 7.5 per cent was requiredas the school district payrollcontribution to the fund.The  \n/Adopted as amended therevised region constitution andset the effective date as nextJuly 1.  \n/Approved an Ethics Com-mission recommendation re-garding workshops to investi-gate relationships involved inthe use of professional,admin-istrative and legal channels inhandling of grievances.  \n# MEA Supports Minimum Pension Bill\n\nAlthough the state has paidsubstantial amounts to the re-tirement fund since 1945,thelarge unfunded amount resultsfrom a lack of adequate financ-ing for the years prior to 1945,and from inadequate financingof the employer's share of thefund for all service renderedsince 1945.  \nAn MEA-supported proposal has been introduced in the legislaturewhich would provide that school employees with 30 years or moreof full-time service will receive at least $1,800 a year as total re-tirement allowance.Currently,the minimum figure is $1,200.  \n/Approved the formation ofa special committee to draft acertification code for adminis-trators.  \nThe new bill provides for proportionate amounts for those whohave less than 30 years of service.Another stipulation is that noperson shall receive annually less than an amount which equals$60 multiplied by the total nunber of years in service.  \n/Approved formation of acommittee of seven to considerestablishment of an Academyof the Profession.  \nThe new Michigan Consti-tution provides that the legis-lature shall make appropriationsfor current service(employ-ment,actually,which a personlater will use as a basis for hispension claim).The new con-stitution does not providemoney,however,for the un-  \n# NEA Membership Roster Swells\n\n/Pledged all necessary re-sources to support of appropri-ation proposals introduced tothe legislature by the retirementfunds boards.  \nLatest reports on membershipin the NEA by Michigan edu-cators indicates the strongestmovement toward United Pro-fession membership in years.  \nBill Hodge,field representa-tive of the NEA for the Mid-west area,believes that in-creasing familiarity with thebenefits of NEA membership isaccountable,at least in part,for an apparent trend towardgreater joint enrollment in theMEA and the NEA.  \nThe board also adopted acomprehensive plan which setsdown the rules for its ownoperation.  \nBy early February,NEAmembership in Michigan hadrisen over last year’s total figureby 500.The end of the tallyperiod comes on June 30.As ofthis Feb.1,there were 26,645NEA members among Michiga","cbCaikOZw6tzaReF","https://ap.wps.com/l/cbCaikOZw6tzaReF","pdf",511500,"English","# Law Is Sought to End Pension Deficit\n# MEA Supports Minimum Pension Bill\n# NEA Membership Roster Swells\n# PR Seminar Set\n# New Aid Formula Suggested","[{\"question\":\"What problem does the report focus on regarding Michigan school pensions?\",\"answer\":\"It focuses on a deficit in the Michigan pension fund for school employees and the need for financial solutions to address unfunded liabilities.\"},{\"question\":\"What does the proposed law aim to do?\",\"answer\":\"The proposal aims to make the pension fund financially sound by adjusting how it is funded and by avoiding depletion of available pension money.\"},{\"question\":\"What minimum retirement allowance changes are discussed?\",\"answer\":\"The report describes an MEA-supported proposal requiring at least $1,800 per year for school employees with 30 years or more of full-time service, raising the current minimum from $1,200.\"}]","Law Is Sought to End Pension Deficit | PDF",1789963827]