Snyder speech low on new ideas, high on optimism for future of state
MACKINAC ISLAND — The Detroit Regional Chamber's Mackinac Policy Conference is usually a friendly crowd for Gov. Rick Snyder, the businessman-turned-politician, mingling with like-minded policy wonks and business leaders.
But on Thursday, an uncharacteristic dent was on display in Snyder's armor as he stood in sharp opposition with the Republican leadership in the Legislature over the state's budget and how to deal with the retirement system for teachers.
The Republican leadership in the House and Senate came up with target budget numbers last weekend without input from Snyder. Their version of the budget changes Snyder's proposal by setting aside $475 million to start paying transition costs that would make new teachers go into a 401(k) system, rather than a pension system.
Snyder favors the hybrid system he created in 2012 that allows teachers to choose between a more modest pension plan that includes a smaller 401(k) component or a total defined contribution plan. That plan is fully funded, and about 20% of new teachers choose the defined contribution plan.
Read more: http://www.freep.com/story/news/politics/2017/06/01/rick-snyder-speech-mackinac/363063001/
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