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Report 337 ( September 2004 ) 17 pages

Financing Michigan Retired Teacher Pension and Health Care Benefits

This report analyzes recent changes in investment experience and retiree health care costs for the Michigan Public School Employees Retirement System (MPSERS). In addition, it provides projections of the contribution rates for the pension and health benefit portions of the system. If the actuarial assumptions beyond FY2003 prove accurate, the contribution rate paid by the employers will jump significantly from the 14.87 percent charged by the State for FY2005 to over 20 percent in FY2008. The sharp increase is the combined result of escalating health care costs paid on a pay-as-you-go basis; the very large losses experienced in the stock market in 2001 and 2002; and the postponement of contribution rate increases made possible by the use of reserves, soon to be exhausted.
Report 337 ( September 2004 ) 17 pages

Financing Michigan Retired Teacher Pension and Health Care Benefits

This report analyzes recent changes in investment experience and retiree health care costs for the Michigan Public School Employees Retirement System (MPSERS). In addition, it provides projections of the contribution rates for the pension and health benefit portions of the system. If the actuarial assumptions beyond FY2003 prove accurate, the contribution rate paid by the employers will jump significantly from the 14.87 percent charged by the State for FY2005 to over 20 percent in FY2008. The sharp increase is the combined result of escalating health care costs paid on a pay-as-you-go basis; the very large losses experienced in the stock market in 2001 and 2002; and the postponement of contribution rate increases made possible by the use of reserves, soon to be exhausted.

Stay informed of new research published and other Citizens Research Council news.
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