Michigan House approves Rep Alberts bill to further improve school employee retirement

first_img The Michigan House today unanimously approved Rep. Thomas Albert’s legislation to build upon recent reforms improving the financial prospects of the school employee retirement system.Albert’s legislation provides a more stable and predictable method of paying into the system to erase debt and preserve retirement benefits for teachers. He said it’s an important step to follow changes signed into law last year.“We have made significant and positive changes to improve the retirement system, and brighten the financial future of our schools and our state,” said Albert, of Lowell. “The legislation we’re talking about today is the next logical step in that evolution. It’s also a necessary step to build the better Michigan we want for our children and grandchildren.”Albert said his proposed changes will greatly enhance the chances of truly eliminating the retirement system’s $30 billion debt by 2038, which is the current goal.“The legislation would eliminate a flawed and unpredictable methodology now used to project the state’s debt payment schedules,” Albert said.Payment projections are now based on an assumption that school payroll will grow by 3.5 percent annually – but payroll has been declining for more than a decade, which means payments to offset unfunded liabilities have fallen short and debt has continued to rise.Albert’s plan calls for gradually reducing the payroll growth assumption over time until it reaches zero. Debt then would be paid off along the lines of a fixed-rate home mortgage, with “level dollar” payments that remain the same year to year.“If we don’t make this change, we could wind up in serious trouble,” Albert said. “We could be facing a mountain of debt we cannot climb, with payments too large to make. The good news is this legislation offers a solution.”Albert’s legislation affecting the Michigan Public School Employees Retirement System is House Bill 5355. The bill advances to the Senate for further consideration.### 27Feb Michigan House approves Rep. Albert’s bill to further improve school employee retirement fund Categories: Albert News,Newslast_img read more

Iron ore miners begin to shut down

center_img Drivers are trading in their electric cars for SUVs. EU files antitrust charges against Gazprom. What it takes to be a whistleblower in America: the accountant who blew the lid off Halliburton’s dodgy accounting practices. Amazon takes on Expedia and TripAdvisor. Google’s new wireless cellular service, Project Fi, aims to undercut rivals. Police silence political opponents in Wisconsin. Governments want to get rid of physical cash. Paper currency is just too private. Digital cash is much easier to track, tax, and confiscate. Unfortunately, most Americans are too clueless to resist what’s coming. Casey Research contributor Jeff Thomas says the sheeple will agree to anything that’s sold as a panacea to their economic woes. The US government is just waiting for the right opportunity… which Jeff believes will be the next financial crisis. Politicians will blame it on people who “hoard” their cash. Good citizens, you see, give their cash to a bank for safekeeping. We can’t have people hiding cash outside the system under their mattresses. You can almost hear President Hillary on TV: “Effective immediately, all cash will be digitized. You have 60 days to deposit your paper dollars with a bank. This is for the good of the people.” Equity Crowdfunding Comes to Main Street America is about to experience a financial revolution. And for once, Wall Street will be on the losing end. Crowdfunding—the fine art of raising money from thousands of strangers—is already wildly popular. But until now, only a small subset of wealthy people could earn profits from a crowdfunded investment. Everyone else could earn only “rewards.” Help fund an indie movie, and you might get a signed movie poster in return. But no cut of the profits. That all changes in late May. New regulations will eliminate virtually all restrictions on equity crowdfunding. Small companies will be able to sell equity directly to anyone without the need for Wall Street middlemen, writes Senior Editor Doug Hornig. The Price of Gold Is Near Its All-Time Low in “Real” Terms The government has been understating inflation for decades. We asked John Williams of ShadowStats to measure the “real” price of gold using more realistic inflation data. What he found is amazing. Adjusted for inflation, the real price of gold price is now approaching its 2001 low. Gold isn’t just a sound currency, it’s a value investment, too. Blips & Bogeys Has the SEC blamed the wrong culprit for the “flash crash?” Something about this story just doesn’t add up.last_img read more