This week Governor Whitmer’s office announced 123 Michigan communities will get over $553 million from the Protecting MI Pension Grant.
The plan is to put more money into retirees’ pockets and to make sure communities have the money to take care of them. With the influx of capital should help keep places from having to divert funds from public services.
Governor Whitmer released a statement on the investment.
“After a lifetime of hard work, Michigan seniors deserve to retire with dignity,the governors said,“Today’s Protecting MI Pension Grants will ensure that Michiganders who served our communities as police officers, firefighters, sanitation workers, and in so many other invaluable professions, will receive the stable, secure retirement that they earned.”
Over the years, one of the biggest costs to cities is trying to maintain their pension plans for city workers. Now everal communities will be able to make their payments under this new program.
The Governor continued, “I am proud that earlier this year, I signed legislation rolling back the retirement tax on our seniors, saving half a million households an average of $1,000 a year, putting money back in their pockets for gas, groceries, or gifts for their grandkids."
The governor ended her statement reiterating her promise to Michigan's seniors "Today, we are continuing to deliver on our promise to Michigan’s seniors and shoring up municipal budgets across the state. Let’s keep putting money back in people’s pockets and building a brighter future.”
The 2022-23 budget created the Protecting MI Pension Grant Program to help municipalities with underfunded retirement systems.
Communities can apply for a grant to help increase their retirement funding.
State Treasurer Rachael Eubanks highlighted the concern, “A major budgetary concern for our local governments is their pensions systems. Funding these systems enables our communities to uphold their commitment to 25,000-plus public servants and focus on providing the services Michiganders come to expect.”
To learn more about the Protecting MI Pension Grant program communities can go to Michigan.gov/Pension grant.