June 24, 2024 ~ Lucy Ann talks with James Hohman, Director of Fiscal Policy, Mackinac Center for Public Policy. The Michigan Senate has passed a bill that proposes reducing pension contributions to the school retirement system, potentially jeopardizing the financial security of teachers and taxpayers. The state’s government school employees face unexpected pension costs totaling $29.9 billion beyond saved amounts, which could lead to increased debt if not managed properly. The bill suggests diverting $630 million from pension payments to other uses, potentially violating the state constitution’s mandate for pre-funding pensions. Although there has been progress in pension funding, significant debt remains.