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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