Pensions biggest change to Intermediate School District budget

By Maleah Egelston
Ingham County Chronicle staff writer

The Ingham Intermediate Board of Education’s audit report showed that it was under budget for the 2012-2013 school year. Auditing is part of the school district’s financial routine in order to keep the district transparent, said Lonnie Thomas, district public relations and communication assistant. Bruce Dunn, a CPA from Maner Costerisan who prepared the report, said that the biggest changes in last year’s budget was the new pension system the district had to implement. The pension changes resulted from the 2012 Pension Reform Act, which set new standards for school employees’ pensions including capping employer contributions, limiting the coverage of retired employees and changing employees’ options for health coverage. These changes increased the cost of the school district’s pension plan from $4 million to $5.3 million over the last school year.