After several weeks of negotiations on a school employees retirement bill, it appears its do-or-die time.
Late Wednesday afternoon, Sen. Jud Gilbert, R-Algonac, the Senate’s negotiator on the bill, made a final offer on the bill to House negotiators on a final bill in conference committee, calling for a compromise pension multiplier of 1.6 percent – up from the standard 1.5 multiplier, Gongwer News reported.
The offer also sets eligibility for those totaling 80 years of age and years of service, sets up a hybrid system for new hires and mandates that all employees contribute 3 percent of salary toward their pension. There would be no lifetime health care coverage guarantee, which Democrats have pushed for.
Lawmakers say they are hoping to finalize some sort of deal today, but if no agreement is reached, it’s possible that a schools retirement plan – and subsequently a state employees retirement plan – could be delayed for months. Both are key priorities of Gov. Jennifer Granholm.
