The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
MOUNT PLEASANT, Mich., June 27 -- Central Michigan University issued the following news release:
The CMU Chapter of the Police Officers Association of Michigan on Thursday ratified a new three-year collective bargaining agreement with Central Michigan University. The American Federation of State, County and Municipal Employees Local 1568 also reached tentative agreement later that evening on its three-year contract with the university.
The ratified agreement with POAM, which represents the university's 15 police officers, is effective July 1, 2014, through June 30, 2017, and provides:
* A 2 percent wage increase in the first year of the contract;
* A university contribution of 89 percent of members core insurance plan premiums; and
* the same wage and health care contribution adjustments in years two and three as those granted to professional and administrative employees.
AFSCME Local 1568 represents the university's 196 service maintenance employees, including custodial staff, groundskeepers, skilled trades, warehouse workers and others.
Details of the tentative agreement, effective July 1, 2014, through June 30, 2017, as well, will be released once members have ratified the contract.
Reaching contract agreements prior to July 1 avoids the provisions of Michigan Public Act 54, which bans retroactive payment of wage benefit increases.
CMU's nonunionized professional and administrative staff will receive a 2 percent wage increase on July 1.
The university remains in negotiations with the Faculty Association. The FA's contract expires June 30. The bargaining committees meet again this Sunday.
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