LANSING (WKZO) -- The state senate passed reforms to the Michigan Public School Employees Retirement System that will shrink more than 15-billion dollars in unfunded liabilities facing the system. The bill increases employee contributions as well as prefunds retiree health care beginning in the upcoming fiscal year 2012-2013. Prefunding means that the state will now be setting aside money to meet the debt when it comes due in the future.
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