LANSING, Mich. (AP) - The Latest on the Michigan Legislature’s consideration of legislation related to underfunded municipal retirement systems (all times local):
2:30 a.m.
Michigan lawmakers have approved legislation aimed at underfunded municipal retirement plans, after deciding to abandon a contentious proposal for state intervention in communities that are unwilling or unable to resolve their liabilities.
New versions of the bills were passed early Thursday, capping a marathon session. Lawmakers will give a final OK to the legislation next week.
Gov. Rick Snyder and Republican legislative leaders agreed to changes after hitting resistance from police and firefighter unions, Democrats and many Republicans.
The bills now closely reflect recommendations from a task force and stop short of creating new emergency financial teams to possibly intervene in some municipalities with severely underfunded pension or retiree health care plans.
There would still be reporting requirements and some state involvement in guiding communities to shore up their systems.
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12:05 a.m.
The Republican-led Legislature is poised to vote on legislation aimed at underfunded municipal retirement plans, after deciding to abandon a contentious proposal for state intervention in communities that are unwilling or unable to resolve their liabilities.
New versions of the bills are expected to be approved early Thursday, capping a marathon session.
Gov. Rick Snyder and Republican legislative leaders agreed to changes after hitting resistance from police and firefighter unions, Democrats and many Republicans.
The bills are now expected to closely reflect recommendations from a task force and stop short of creating new emergency financial teams to possibly intervene in some municipalities with severely underfunded pension or retiree health care plans.
There would still be reporting requirements and some state involvement in helping communities shore up their systems.
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