Michigan to steer new school workers into 401(k)-only plan

WSYMPublished: July 14, 2017
Published: July 14, 2017

Gov. Rick Snyder has signed into law a plan to steer more newly hired school employees into a 401(k)-only retirement benefit instead of one with a pension. Republicans say Thursday's move will prevent future underfunding, while teachers unions worry the measure could ultimately lead to closing the pension system entirely to new hires.

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