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New Report: Legislation That Destroys Teacher Pensions Will Cost Michigan Taxpayers $46 Billion

LANSING – A bill that would destroy pensions for newly-hired Michigan teachers and school employees will cost Michigan taxpayers up to $46 BILLION, according to a new report from the nonpartisan House Fiscal Agency.

House Bill 4647, sponsored by Rep. Thomas Albert, R-Belding, would increase costs related to providing retirement benefits by a minimum of $410 million in the first year alone.

“This bill just went from dumb to dumber,” said Ron Bieber, president of the Michigan AFL-CIO. “You look at a number like $46 billion and your eyes pop out of your head. That’s $46 billion of taxpayer money that we should be using to finally fix the roads, which are literally falling apart before our eyes. And the worst part is, we’ll be leaving thousands of Michigan teachers, bus drivers, and librarians without access to the most efficient and secure method of saving for retirement. The legislature ought to toss this bill right in the trash and start working together on a real plan to fix the roads instead.”

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