County approves extra $900,000 for pensions

Via The Daily Reporter

By Don Reid, The Daily Reporter

July 7, 2015

COLDWATER — Branch County has made a $900,000 payment to to Michigan Employee Retirement System (MERS) after making a budgeted $970,000 payment this year. That is payment of $1.87 million for 2015.The vote was 4-1, with commissioner Dale Swift opposing the additional payment.

Branch County Administrator Bud Norman explained this will help the county catch up on its unfunded liability for those employees who transferred last year from the previous John Hancock-funded defined benefit pension plan.

In 2012, the county switched pension plans when John Hancock required a 100-percent funding from the county. The county only had to meet a 50-percent funding with MERS to transfer plans last summer.

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