House approves Rep Alberts plan providing new retirement savings option for school

first_img21Mar House approves Rep. Albert’s plan providing new retirement savings option for school, state workers The Michigan House today approved legislation sponsored by Rep. Thomas Albert to provide an additional retirement savings option for public school and state employees.Albert’s legislation calls for the state and school employee retirement systems to offer annuity options to employees, in addition to established savings plans.“Our dedicated public school and state workers should have more options for investing their retirement savings,” said Albert, of Lowell, after the House approved his plan. “Annuities offer a good savings option, providing a steady stream of income during retirement. We’re simply adding a completely voluntary option to our existing savings plan lineup so employees can plan for a safe, secure retirement.”The affected employees currently can start annuities through the state only after retirement. Albert’s changes would allow the annuity investment option prior to retirement, with plans vetted and overseen by retirement system officials for soundness.House Bills 5230-31 advance to the Senate for further consideration. Categories: Albert News,Newslast_img read more