Teacher Pension Underfunding Hits $22B [Michigan Capitol Confidential]
The new actuary report on the school employee pension fund shows that the state has a $22.4 billion gap between what it has saved for school employees’ retirement and what workers and retirees have earned.
That is a $4.8 billion increase from last year.
All told, the costs to catch up on this underfunded system represent nearly $6,000 per Michigan household.
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