1 For examples from the major Detroit newspapers, see Ron French, “Michigan’s Education Time Bomb: Costly, Loophole-Ridden Retirement System Threatens Public Schools,” The Detroit News, May 10, 2007, https://www.detroitnews.com/article/20070510/SCHOOLS/705100442& template=printart; Dawson Bell, “State Public Retirement Funds $50 Billion Short,” Detroit Free Press, Feb. 18, 2010, https://www.freep.com/ article/20100218/NEWS06/2180470/State-public-retirement-funds--50-billion-short (accessed March 8, 2010).
2 “State of Michigan 401(K) and 457 Plans” (State of Michigan), 1-2, https://stateofmi.ingplans.com/einfo/pdfs/forms/michigan/plans_guide.pdf.
3 McMillan v Michigan Public School Employees Retirement System, Michigan Court of Claims, No 10-45-MM.
4 Karen Bouffard, “Judge: Michigan Can’t Tap School Pension Contributions until Suit Is Resolved,” The Detroit News, 2010.
5 Bethany Wicksall, “Legislative Analysis: Public School Retirement Revisions, Senate Bill 1227 as Enacted” (Michigan House Fiscal Agency, 2010), https://www.legislature.mi.gov/documents/2009-2010/ billanalysis/House/pdf/2009-HLA-1227-7.pdf (accessed Aug. 3, 2010).
6 Calculations based on Wicksall, “Legislative Analysis: State Employees’ Retirement Revisions, Senate Bill 1226 (H-38 as amended),” 2.
7 Wicksall, “Legislative Analysis: State Employees’ Retirement Revisions, Senate Bill 1226 (H-38 as amended),” 5.
8 Michael Quint, “New York May Cut Assumed Rate of Return on Pension Investments,” Bloomberg, Aug. 20, 2010, https://www.bloomberg.com/news/ 2010-08-20/new-york-may-cut-assumed-8-rate-of-return-on-retiree-pension-investments.html; Gina Chon, “Calpers Confronts Cuts to Return Rate,” The Wall Street Journal, March 1, 2010, https://www.wsj.com/article/ SB10001424052748703 316904575092362999067810.html (accessed April 23, 2010).
9 “Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates: Notice 2010-57” (The Internal Revenue Service, 2010), http://www.irs.gov/pub/irs-drop/n-10-57.pdf (accessed Sept. 5, 2010).
10 “Michigan Public School Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), D-4; “Michigan State Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), D-4.
11 “Public Acts 110 and 111 of 2007 At-A-Glance” (Michigan Department of Management & Budget, 2009), http://www.state.mi.us/dmb/ors/ emp/psru/docs/R0763C_RetirementLawAtAGlance.pdf (accessed Sept. 17, 2009).
12 MCL 38.1301-1467 and MCL 38.1-69.
13 See “Michigan State Employees’ Retiree Health Benefits 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), E-7; “Michigan Public School Employees’ Retiree Health Benefits 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), E-7.
14 Specifically, the Patient Protection and Affordable Care Act of 2010, as well as additional provisions in the federal Health Care and Education Reconciliation Act of 2010.
15 “Michigan Public School Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), A-1; “Michigan State Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), A-1.
16 “Michigan State Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010); “Michigan Public School Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010).
17 Brendan McFarland, “Prevalence of Retirement Plans by Type in the Fortune 100” (Towers Watson, 2010), Figure 1, Figure 7, http://www .towerswatson.com/united-states/research/2106 (accessed Sept. 3, 2010).
18 Ibid., Figure 1.
19 “PERS and TRS Defined Contribution Retirement Plan: General Plan Information” (State of Alaska Division of Retirement and Benefits, 2010), http://doa.alaska.gov/drb/dcrp/pdf/AK_DCR_PlanInfo_030410.pdf (accessed Aug. 15, 2010).
20 “Michigan State Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), F-3.
21 Ibid., F-1; “Michigan Public School Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), F-1.
22 “Michigan Public School Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), F-3.
23 Ibid.
24 “Public Acts 110 and 111 of 2007 at-a-Glance” (Michigan Department of Management & Budget, 2009), http://www.state.mi.us/dmb/ors/ emp/psru/docs/R0763C_RetirementLawAtAGlance.pdf (accessed Sept. 17, 2009); “Michigan Public School Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), F-2.
25 “Michigan State Employees’ Retirement System 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), F-1.
26 Ibid., F-3.
27 Ibid.
28 “Michigan Public School Employees’ Retiree Health Benefits 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), C-1.
29 Ibid.
30 Public Act 185 of 2010 (State of Michigan, 2010), Sec. 35(1)-(2), https://www.legislature.mi.gov/documents/2009-2010/publicact/pdf/2010-PA-0185.pdf (accessed October 6, 2010).
31 “Michigan State Employees’ Retiree Health Benefits 2009 Annual Actuarial Valuation Report” (Gabriel Roeder Smith & Company, 2010), C-1.
32 Ibid.
33 Ibid.
34 Kathryn Summers-Coty, “Examining a Change from Defined Benefit to Defined Contribution for the Michigan Public School Employees’ Retirement System,” (Michigan Senate Fiscal Agency, 2009), http://www.senate. michigan.gov/sfa/Publications/Notes/2009Notes/NotesMarApr09ks2.pdf (accessed Aug. 24, 2010).