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Snyder: Intervention into retiree plans is 'last resort'

Posted at 1:57 PM, Dec 06, 2017
and last updated 2017-12-07 09:05:28-05

Gov. Rick Snyder says state intervention into communities with severely underfunded employee retirement plans should be a "last resort."

The governor and legislative leaders are pushing the Republican-led Legislature to vote Wednesday on legislation designed to prod municipalities to better fund their pension and health care plans. The sticking point with labor unions and local governments is a proposal to appoint emergency financial teams if funding levels don't rise.

Police and firefighters oppose the bills, and the measure is facing resistance from Democrats and Republicans.

Snyder says it'd be better to have "limited" management teams instead of appointing managers with more powers. He says the goal is starting a process, and it's OK if it takes 30 years for local governments to address their liabilities if they have a plan.