With long-term financial stability as the goal, Township officials worked with union leadership to negotiate modifications to pension and retiree health insurance benefit packages.
Pittsfield Charter Township
With long-term financial stability as the goal, Township officials worked with union leadership to negotiate modifications to pension and retiree health insurance benefit packages.
In 2018, the City of Eaton Rapids’ liability for other post-employment benefits (OPEB) totaled more than $10.5 million. Because they had not prefunded the obligation, the City was determined to be in underfunded status under the Protecting Local Government Retirement Benefits Act (PA 202 of 2017), and was required to file a corrective action plan (CAP).
The Jackson District Library is a small municipality that had a big problem with liability for other post-employment benefits (OPEB). Even after closing their retiree health care benefit to new hires in 2007, unfunded accrued liability for eligible active employees and existing retirees was growing. The Library decided to take steps to address their OPEB liability, and in 2008 began…