Concerns have been raised about the immediate costs of closing the MPSERS defined-benefit plan to new hires and placing those hires in a defined-contribution plan. These costs have been discussed in a Michigan Senate Fiscal Agency paper titled “Examining a Change from Defined Benefit to Defined Contribution for the Michigan Public School Employees’ Retirement System” and in a House Fiscal Agency memo titled “Converting MPSERS from a Defined Benefit (DB) to a Defined Contribution (DC) System.”[20] The costs were also discussed more recently in a paper by the Office of Retirement Services.[21]