Michigan Gov. Rick Snyder (R) on Monday announced the formation of the Task Force on Responsible Retirement Reform for Local Government to address unfunded long-term liabilities for retirees and municipalities, Crain’s Detroit Business reported yesterday. The group is made up of more than 20 experts who represent labor and management, investment managers, insurance and finance professionals, and legislators to provide recommendations on reforming pension and health care by Spring. The effort comes as the state attempts to shift workers away from pensions. More than 330 municipalities offer either retiree health care or a retiree defined benefit pension plan, with some providing both. There is approximately $10 billion in total unfunded health care liabilities and $4 billion in unfunded pension liabilities, a news release stated.
