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Proposed Budget Deal for Michigan Teachers’ Pensions: 401(k) Only

Governor Rick Snyder and Republican Legislative leaders finally reached a budget deal that includes changes to Michigan’s Teacher Retirement System.

The announcement came on Tuesday after a meeting at the capitol.

The goal is to coax new employees into a 401(k) only plan.

New school workers currently qualify for a blended pension and 401(k) plan.

Under the plan being finalized, new hires would default into just the 401(k) unless they choose a different hybrid plan that could ask them to pay more.

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