Wednesday, February 15, 2012

Michigan unions sue to halt mandated DB-or-DC choice - Pensions & Investments

A new Michigan law requiring state employees to either contribute 4% of pay to the $9.1 billion Michigan State Employees' Retirement System, Lansing, or join a defined contribution plan is unconstitutional because the state Legislature overstepped its authority in passing the law, according to a class-action lawsuit filed Monday by a coalition of unions.…. The coalition consists of Service Employees International Union Local 517M, American Federation of State, County and Municipal Employees Council 25, Michigan Corrections Organization SEIU, Michigan State Employees Association and the International United Auto Workers Local 6000, which represents some state employees.

Michigan unions sue to halt mandated DB-or-DC choice - Pensions & Investments

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