FROM: Saginaw Retirees LLC Executive Board
The House and Senate passed the Responsible Retirement Reform for Local Government Task Force's recommendations that would:
- Require local units of government to thoroughly report financial information including funding of pension and retiree health care plans.
- The Treasury Department will then evaluate plans to determine which are underfunded. For retiree health care, a plan is considered underfunded if its obligations are less than 40 percent funded and if its annual contribution is more than 12 percent of the unit's revenue. A pension plan is considered underfunded if it's under 60 percent funded and if the unit's annual contribution is more than 10 percent of its revenue.
- The treasurer will give waivers to communities with underfunded pensions if they have approved plans to rectify the situation.
- Creates a "Municipal Stability Board" comprised of three experts to come up with a corrective action plan for the local government if it doesn't have their own self-implemented plan to fix the underfunding issues.
- We have collected $75,000 from 475 retirees and have exceeded our goal of $50,000! THANK YOU!
- You can register at bcbsm.com to see all of your claims activity and detailed information in addition to your plan benefits and deductibles. It shows all of your Explanation of Benefits Statements and can be used to document all of your claims activity if you need to determine monetary damages in the future.