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The infusion will raise the pension fund's status to more than 60% funded, up from 34.3% funded as of 2022, according to Tom Lutz, president of the Michigan Regional Council of Carpenters and ...
This list of largest pension funds in the United States involves two main groups: ... Michigan Retirement: $75,550 $67,496 61.4% 7.2% 17 Georgia Teachers: $73,089
The first ULLICO scandal occurred in 2002. In June 1998, the New York City local of the carpenters union hired Zenith Administrators, a ULLICO subsidiary, to oversee the union's $1.7 billion pension and benefit funds. In 2002, federal prosecutors and DOL investigated the company for allegedly obtaining the contract through McCarron's influence.
At the same time the union's old enemy, the Carpenters union, resumed its jurisdictional war with it. Conditions improved somewhat with the advent of the New Deal and the Roosevelt administration's creation of the Works Progress Administration , a public works project that employed thousands of iron workers and other construction workers.
“HB 6061 would undo a nearly 30-year-old pension reform that has been working effectively to manage financial risks and personnel costs for state agency employers and which has helped taxpayers ...
Half a million Michigan households with pensions are expected to save an average of $1,000 a year. Much will be phased in over four years from 2023 through 2026.
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