M
ichigan lawmakers say they found a
way to save $3.
1 billion over 10 years,
but the path to legislative approval
wasn’t easy.
And when the changes to the retirementsystemforteacherswerefinallysignedinto
law in May, one teachers union called them an...
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M
ichigan lawmakers say they found a
way to save $3.
1 billion over 10 years,
but the path to legislative approval
wasn’t easy.
And when the changes to the retirementsystemforteacherswerefinallysignedinto
law in May, one teachers union called them an
“attack on the women and men who educate
our children.
”
In Illinois, state leaders estimate that a bill
signed into law in April will save taxpayers $200
billion over a 35-year period.
Gov.
Pat Quinn’s office lauded
the measure as “historic public
pension reform”; the Illinois
Teachers Federation countered
by saying “the new law will do
grave and long-lasting harm.
”
They are very different
perspectives on an issue that
is requiring more and more
attention from policymakers:
the future of public employee
retirementsystems.
Fewpolicies
have such important long-term
implications for states and the
people who work for them.
On the one hand, there is the
need to ensure the systems are
fiscallysustainable.
Ontheother,
there is the need to
Less
