Category: Capitol News

By Mary Pollock The Michigan Legislature, in a late-night 18-hour marathon, passed a nearly $81 billion budget on a bi-partisan basis, three days after the September 30 constitutional deadline. It is about $2 billion under last year’s budget, less than the $84.5 billion proposed by Senate Democrats, but more than the $78.5 billion proposed by… Read more

By Mary Pollock BUDGET CRISIS AND SCRAP THE CAP UPDATE Like everyone else dependent on state government funding, Michigan SERA and State retirees are waiting with bated breath for a balanced budget agreement among our lawmakers to avoid a State government shutdown at midnight on September 30. Failure to adopt a balanced budget would create… Read more

By Mary Pollock SCRAP THE CAP UPDATE  Michigan SERA Coordinating Council asked the State of Michigan Retirement Board at its August 7 meeting to pass a resolution urging the State’s 149 lawmakers – Governor Gretchen Whitmer and all 148 members of the Michigan Legislature – to support use of the $1 billion in excess revenue… Read more

By Mary Pollock Scrap the Cap Update At the State of Michigan Retirement Board meeting in May, the actuaries reported that the State of Michigan retiree health care account is now 117 percent funded, potentially making just under $1 billion available for other State priorities – such as removing the $300 cap on State defined… Read more

By Mary Pollock Background — In 1987, the State Employee Retirement Act was amended to provide that defined benefit (DB) retirees receive a 3% or $300 (whichever is less) annual cost of living adjustment (COLA). Meanwhile, inflation has been 176.1 percent since 1987. Over 87 percent of current DB State retirees have reached the $300 cap,… Read more

By Mary Pollock SCRAP THE CAP UPDATE SERA has received the 16-page data-intensive Actuarial Study of proposed improvements in the 3 percent or $300 cap on the annual cost-of-living adjustments (COLA) for defined benefit (DB) State retirees and beneficiaries. The cap was adopted in 1987 and has never changed in the 38 years since. Inflation… Read more

By Mary Pollock SCRAP THE CAP UPDATE Upon SERA’s inquiry, we are told by Sen. Sarah Anthony’s office that the actuarial study about alternatives for defined benefit State retiree annual cost-of-living adjustments (COLA) is near completion. Sen. Anthony (D-Lansing) is the Chair of the Senate Appropriations Committee and sponsored the boilerplate in the General Government… Read more

By Mary Pollock SCRAP THE CAP UPDATE SERA has been informed by Anthony Estell, Director of the Office of Retirement Services, that the actuarial study authorized in the Fiscal Year 2024 General Government Appropriations Act should be available this month. That will trigger discussion among lawmakers, their staff, and SERA representatives as to which of… Read more

By Mary Pollock There is little time before the close of the year for the 102nd Legislature to address an avalanche of bills. All bills not approved by the end of session in December will have to be reintroduced in the 103rd Legislature after January 1, 2025. Watch the Lansing SERA Facebook page for updates… Read more

By Mary Pollock ELECTION RESULTS Turnout — Michigan voters cast a record-breaking 5.67 million votes in the November election – 100,000 more votes than the previous record, which was set in 2020; 79 of the 83 counties topped their 2020 vote totals and about 79 percent of registered voters cast a ballot. More than two million… Read more