Michigan to steer new school workers into 401(k)-only plan
LANSING, Mich. (AP) — Gov. Rick Snyder has signed into law a plan to steer more newly hired school employees into a 401(k)-only retirement benefit instead of one with a pension.
Republicans say Thursday's move will prevent future underfunding, while teachers unions worry the measure could ultimately lead to closing the pension system entirely to new hires.
Starting Feb. 1, new school workers will be automatically enrolled in a 401(k)-only plan like what state employees receive. They could opt out and instead pay more of their salary toward a pension than current school workers do, assuming more of the risk of underfunding.
New school employees have qualified for both a pension and a small 401(k)-type plan since 2010.
It's unknown how many new hires will take just the 401(k). Currently, 20 percent do.
Miller Canfield attorney named to Leadership Detroit Class XXXIX
Miller Canfield is pleased to announce that Marc N. Swanson has been selected to be part of Class XXXIX of Leadership Detroit.
Leadership Detroit is an initiative of the Detroit Regional Chamber, and focuses on regional community leadership. It is a nationally recognized program for existing and emerging leaders, providing the foundation for a lifelong commitment to leadership. Approximately 70 professionals are selected annually in a highly competitive process to participate in the program.
Swanson is a principal in Miller Canfield’s Detroit office, where he practices in the Bankruptcy, Restructuring and Insolvency practice group. He is a sought-after speaker on the subject of bankruptcy and turnaround, and is a published author of articles in national and regional news media outlets. Swanson was part of the legal team that represented the City of Detroit during its bankruptcy and restructuring, which provided the foundation for the City’s remarkable recovery. He led the team of attorneys who successfully represented the City in two appeals at the Sixth Circuit Court of Appeals. The first appeal sought to unwind the City’s confirmed bankruptcy plan, including the Grand Bargain, and the second challenged the Detroit Water and Sewerage Department’s ability to collect past-due bills and to set rates to cover the cost of providing services to customers.
Swanson is a member of the American Bar Association, and the State Bar of Michigan, where he serves as Co-Vice Chair of the Business Law Section’s Debtor-Creditor Rights Committee. He is a member of the American Bankruptcy Institute, the Michigan Oil and Gas Association and the Turnaround Management Association (Michigan Division). He serves on the Cass Community Services Board of Directors, and is a graduate of the University of Michigan and the University of Minnesota Law School.
––––––––––––––––––––
Subscribe to the Legal News!
http://www.legalnews.com/Home/Subscription
Full access to public notices, articles, columns, archives, statistics, calendar and more
Day Pass Only $4.95!
One-County $80/year
Three-County & Full Pass also available
