Before the changing of the guard in Lansing Tuesday, outgoing governor Rick Snyder put pen to paper and signed an unfunded liabilities reform bill into law. Senate Bill 838, which was passed by the Michigan Senate unanimously in last month’s lame duck session, will provide relief to the City Port Huron according to City Manager James Freed. Speaking to WPHM, Freed says the package of bills would be beneficial to communities who are faced with legacy health care and pension costs. “We’ll be able to take our unfunded pension liabilities and refinance it, a long horizon, just like refinancing a home,” said Freed. Thee process began three years ago when Freed first met with a hundred other city managers from across the state who are also dealing with unfunded liabilities. Freed testified in front of state lawmakers in December of 2017 about the bills, and spent several days in the state capitol last month pushing for the passage of the reforms.
