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Wed October 10, 2012
Teachers and school employees face pension plan deadline
Michigan’s 250,000 teachers and state school employees face a deadline of October 26th to choose a new retirement plan. But some groups are asking the State Supreme Court to extend that deadline.
State legislators passed a law changing the pension system in August. Ellen Hoekstra represents the Michigan Federation of Teachers.
"We’re advising people to get as much information as they can and at least fix in their own mind what option they think would be best for themselves and their own family – prior to the 26th – in case that ends up being the deadline," said Hoekstra.
School employees will have four options.
One would require them to pay more than they pay now, to get the same pension.
Another option would allow people to pay the same amount they pay now, but get a smaller pension when they retire.