To establish details of and regulations for the employee-owned annuity option required by the <a href="http://www.michiganvotes.org/2017-SB-401">2017 law</a> that made defined-contribution retirement benefits the default for school employees, which would also apply to the insurance company selected to provide and administer this benefit. The bill also eliminates a requirement to (but does not prohibit) offer a "variable" annuity in addition to a "fixed" annuity (which is still required). House Bill 5231 would offer the same benefit to state employees.
| 73 Yeas / 35 Nays | |
|---|---|
| Excused or Not Voting (1) | |
|---|---|
