Introduced by Rep. Steve Marino R-Mount Clemens on April 29, 2021
To revise details of current retirement plan provisions that allow school employees hired since February 2016 who receive matching retirement fund contributions to their tax-deferred (403b) retirement accounts to alternatively use these to purchase an annuity. House Bill 4733 would also authorize this for state employees. Unlike traditional government pensions, the company that sells the annuities would be liable for their promised benefits, not the state (and its taxpayers). Official Text and Analysis.
Referred to the House Appropriations Committee on April 29, 2021
Reported in the House on May 19, 2021
Without amendment and with the recommendation that the bill pass.