PUBLIC SCHOOL EMPLOYEES: INCREASE RETIREMENT FORMULA
House Bill 4486
Sponsor: Rep. Jack Minore
Committee: Appropriations
Complete to 3-31-03
A SUMMARY OF HOUSE BILL 4486 AS INTRODUCED 3-27-03
Under the Public School Employees Retirement Act, retirement allowances are calculated by multiplying a member's final average compensation by years of credited service, and then by a factor of 1.5 percent. House Bill 4486 would amend the act to increase the retirement formula multiplier to 1.75 percent beginning April 1, 2004.
MCL 38.1384
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.