It was announced this week that more than $553 million in Protecting MI Pension Grant awards are being sent to 123 Michigan communities. The funds aim to offset costs for local communities, keeping them from diverting funds from critical public services.
Key Points:
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- The Protecting MI Pension Grant Program was created to help underfunded municipal systems.
- Under the FY 2022-2023 budget, the Department of Treasury was appropriated dollars to establish and operate a program for qualified retirement systems that were underfunded.
- Under the program, eligible cities, villages, townships, counties, and road commissions were encouraged to review their retirement system funding and apply for a grant by mid-June.
- Local units of government from every Michigan region received a grant award.
For more information on the program, including a list of grant award recipients, please visit Michigan.gov/MIPensionGrant.
