Posted on 03/07/2011 9:57:00 AM PST by MichCapCon
The University of Michigan contributed $217.9 million to its employees’ retirement plans in 2010. The school’s retirement plan matches up to 10 percent of employee pay. U-M’s retirement payments have increased 21 percent (unadjusted for inflation) since 2006, when it handed out $180 million in retirement contributions.
The university contributes 10 percent if employees put in 5 percent of their pay. If an employee makes no contribution, U of M still puts in 5 percent if the employee is 35 or older with at least two years of service.
James Hohman, a fiscal policy analyst from the Mackinac Center for Public Policy, said U of M’s 10 percent contribution is not as high as other public institutions, but is still above that of the private sector.
“You are asking taxpayers to pay for these benefits,” Hohman said. “Those (private-sector) taxpayers are not getting 10 percent retirement benefits.”
(Excerpt) Read more at michigancapitolconfidential.com ...
Sweet deal for the employees.
Why should they care? They can raise their tuition almost without limit, due to student loans...and they have the Michigan taxpayers who will give up everything to protect their flagship school.
Can anyone blame them for ENRICHING themselves, given their situation?
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