Reports on municipal benefits now required
LANSING (AP) — Gov. Rick Snyder has signed a bill that requires reporting by municipal retirement systems on their unfunded pension and health care costs.
Local governments will report the information annually to the state Department of Treasury under the law enacted Monday.
Any municipality below 60 percent funding will have to report the steps, if any, it is taking to reduce unfunded liabilities.
The legislation is the lone part of a controversial, Republican-backed push to curtail retiree benefits late last year that has become law. Snyder and the Legislature are expected to revisit retiree health care costs in the new two-year session.