State lawmakers push for 401k-based retirement system for state workers

LANSING, Mich. (WLNS) – Michigan lawmakers in Lansing are seeking to lower the number of unfunded health care and pension obligations that the state currently faces.

Republican lawmakers have long been pushing for a transition to a 401k retirement system and Governor Rick Snyder has also been trying to address the state’s unfunded liabilities.

The state’s deficit for unfunded pension and health care liabilities is currently $14 billion.

Michigan lawmakers already closed pensions to future state employees 20 years ago.

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