the options we are providing to our retirees to mitigate this risk is not reckless. While HB 4274-5 would
provide a new annuity option to state employees/teachers, which can help them mitigate their risk, it does
not require a high enough financial rating of a company providing the annuity to ensure it will be able to
endure an economic downturn. Until this issue is resolved, I cannot support a bill that has significant potential
to leave retirees in financial dire straits because their state approved annuity provider company failed.
I support giving workers more options in their retirement plans but ultimately want to make sure they are
safe options.”
House Bill No. 4275, entitled
A bill to amend 1943 PA 240, entitled “State employees’ retirement act,” by amending section 58 (MCL
38.58), as added by 1996 PA 487.
Was read a third time and passed, a majority of the members serving voting therefor, by yeas and nays, as
follows: