North Michigan News

State Rep. Greg Markkanen has spoken out against Gov. Gretchen Whitmer's plans to divert funds from the teacher pension system, emphasizing the importance of protecting educators' retirement accounts. Markkanen highlighted the impact of past decisions on the current state of the Michigan Public Schools Employees' Retirement System (MPSERS), which is significantly underfunded by over $24 billion.

Markkanen criticized the cycle of decision-making that has led to the underfunding of the teacher pension system, pointing out that benefits for state employees are boosted when recruitment numbers are low, only to be raided when investments perform well. He expressed concern that this pattern ultimately results in benefits being slashed to cover deficits when markets crash, exacerbating the financial challenges faced by educators in retirement.

In reference to Gov. Whitmer's proposal to redirect $670 million from the teacher retirement system to fund other projects, Markkanen stated, "Gov. Whitmer knows exactly what she’s doing. She’s the longest-serving elected politician in state government, so she’s seen this carnival ride before." He further criticized the governor's lack of willingness to make sacrifices today to ensure a secure future for educators, noting her impending term limit which would mean she would not be around to address the consequences of her actions.

The article underscores the importance of responsible budgeting and long-term planning to safeguard the retirement accounts of educators in Michigan. Markkanen's stance reflects a commitment to addressing the root causes of the underfunding of the teacher pension system and advocating for the financial security of teachers in the state.