State budget experts say closing pension plan will cost taxpayers an extra $24 billion

UPDATE (11/30): Senate Fiscal Analysis of SB 102 shows significant costs for school districts

The Senate Fiscal Agency today testified in the Senate Appropriations Committee hearing that a proposal to dismantle the school employee retirement system would cost the state $1.6B to $3.8B over five years, as reported by the Detroit Free Press today.

Some Members Face Increased Retirement Deductions or Opt-Out Choice

Beginning in the first pay period of 2017, some school employees may have more money deducted from their paychecks for retirement savings unless they opt out during a small December window. Members who miss the December opt-out will have the withdrawal made from their first paycheck in January, but they can choose to opt out…