The Latest: Senate adjourns without vote on teacher pensions

LANSING, Mich. – The Latest on the Michigan Legislature’s consideration of teacher retirement legislation (all times local):

5 p.m.

The Republican-controlled Michigan Senate has adjourned without voting on legislation that would close the pension system to newly hired school employees and give them a 401(k) benefit.

Amber McCann, spokeswoman for Majority Leader Arlan Meekhof, said Wednesday GOP senators have more questions about conflicting costs estimates associated with the move.

A Senate committee approved the legislation earlier Wednesday. Republican Gov. Rick Snyder’s administration voiced opposition.

The legislation would apply to school workers hired on or after July 1, 2017.

Republicans say the Michigan Public School Employees Retirement System is “unsustainable.”

Since mid-2010, new hires have qualified for a “hybrid” plan, with a blending of a traditional pension and a 401(k). Older teachers receive a pension.

Democrats are unified against the measure.

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2:10 p.m.

A legislative committee has voted to close the pension system to newly hired school employees in Michigan and instead provide them solely a 401(k) in retirement.

The Republican-controlled Senate could pass the legislation later Wednesday and send it to the House.

The bills would apply to school workers hired on or after July 1, 2017.

Republicans say the Michigan Public School Employees Retirement System is “unsustainable” and won’t be able to finance pension benefits because of a $26.7 billion unfunded liability.

Since mid-2010, new hires have qualified for a “hybrid” plan, with a blending of a traditional pension and a 401(k). Older teachers receive a pension.

Democrats say they’re unified against the measure. Senate Minority Leader Jim Ananich says people “want more economic security, not less.”

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11:10 a.m.

A legislative committee is poised to vote to close the pension system to newly hired school employees in Michigan and instead provide them solely a 401(k) in retirement.

The Republican-controlled Senate could pass the legislation later Wednesday and send it to the House.

Republican Senate Majority Leader Arlan Meekhof says the Michigan Public School Employees Retirement System is “unsustainable” and won’t be able to finance pension benefits because of a $26.7 billion unfunded liability.

Since mid-2010, new hires have qualified for a “hybrid” plan, with a blending of a traditional pension and a 401(k). Older teachers receive a pension.

The bill is unlikely to affect current school workers or retirees.

Democrats say they’re unified against the measure. Senate Minority Leader Jim Ananich says people “want more economic security, not less.”