SE Grand Rapids News

State Rep. Thomas Albert (R-Lowell) urged the Michigan Public School Employees Retirement System Board to back the retirement fund for teachers and school employees, according to a press release from the Michigan House Republicans.

Albert issued a letter to the board just before its June 10 meeting, pushing the members to make good on its “fiduciary responsibility to the great retirees of Michigan and our children” and be flexible on any necessary changes to help the fund, according to the press release.

He also called out Gov. Gretchen Whitmer for misleading information.

“Over the last year, the Whitmer administration has continually spread misleading information on this highly technical matter in an attempt to confuse people and prevent them from understanding the truth," Albert said in the press release.

Previously, Albert has encouraged the reduction of payroll growth assumption under the Michigan Public School Employees Retirement System (MPSERS), a method he said will help heighten the sustainability of retirement for teachers, faculty and staff.

While the MPSERS retirement board and Michigan’s Department of Technology, Management and Budget took on this method, putting the growth at 2.75%, the Office of Retirement Systems said the Public Act 181 stopped it from being able to lower its growth assumption from 3.5%, according to the press release from the Michigan House Republicans. Interestingly enough, Albert sponsored the 2018 law. 

Still, Albert argued that ORS didn’t comply with state law when it said the rates aren’t eligible for reduction until 2022 and pushed for the MPSERS to keep the rate at 2.75% for the upcoming 2020-2021 fiscal year instead of increasing it, according to the press release.

“We must ensure the promises made to teachers for their retirement are kept -- and we must ensure the costs of the retirement system and not passed on to our children and grandchildren," Albert said in the press release.