Snyder, GOP leaders have tentative deal on teacher pensions

Cropped Photo: Courtesy of Royal Society of Chemistry / Creative Commons Attribution 2.0 Generic
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LANSING, Mich. (AP) - Gov. Rick Snyder and Republican legislative leaders say that have reached a tentative framework on making changes to Michigan's teacher retirement system.

They reported the agreement after a meeting at the Capitol Thursday.

Details are being hashed out.

But the framework calls for newly hired school employees to default into a better 401(k) plan, but leave them the option of choosing a pension plan that would likely cost them more of their paycheck than now.

Current workers hired since 2010 get a blended pension and 401(k).

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