[Photo of Richard C. Dreyfuss]

Richard C. Dreyfuss

Richard C. Dreyfuss, an actuary and business consultant, is an adjunct scholar with the Mackinac Center for Public Policy. He is also a senior fellow with The Commonwealth Foundation, a free-market think tank in Pennsyvania. 

Prior to his retirement in 2002, Dreyfuss worked for The Hershey Company, formerly Hershey Foods Corporation, for 21 years, and he held numerous positions, including director of compensation and benefits. He is currently active in public policy matters, having testified in Washington, D.C., and Harrisburg, Penn., and having served as chair of the Pennsylvania Healthcare Cost Containment Council in 2001-2002. He focuses on developing human resources and governance policies; designing effective compensation and benefit plans; process re-engineering; and advocating strategies to manage long-term employee benefit costs, especially in the context of sound public policy.

Dreyfuss is a graduate of Connecticut College, having received a bachelor af arts degree in mathematics and economics, and he earned a master's degree in actuarial science from Northeastern University.

From Richard C. Dreyfuss

MPSERS and MSERS: Three Pension Policy Briefs

Estimated Savings From Michigan’s 1997 State Employees Pension Plan Reform

Since March 31, 1997, new state employees who qualify for the Michigan State Employees’ Retirement System have been placed in a 401(k)-style “defined-contribution” retirement plan, rather than MSERS’ traditional “defined-benefit” pension plan. Under the new arrangement, state government makes mandatory contributions to employees’ individual retirement savings accounts, but does not guarantee employees a defined retirement income, as it did under the traditional plan.
In this Policy Brief, the author analyzes state pension data to determine whether state taxpayers have saved money as a result of the switch. … more

Michigan’s Public-Employee Retirement Benefits: Benchmarking and Managing Benefits and Costs

The state of Michigan manages two major statewide defined-benefit pension plans.* The largest plan provides benefits for public school employees through the Michigan Public School Employees’ Retirement System, known as “MPSERS.” The second defined-benefit plan is provided through the Michigan State Employees’ Retirement System, which covers employees of state government and is known as “MSERS.” The MSERS defined-benefit plan was closed to state employees hired after March 1997; these employees were enrolled in MSERS’ new defined-contribution plan.*
This paper reviews MPSERS and MSERS pension and retiree medical benefits and confirms many of the published concerns* related to the level of benefits provided and the associated fiscal challenges facing Michigan taxpayers in both the short and long term.
*Citations provided in the study’s main text. … more

Pension Obligation Bonds: Borrowing Our Way to Prosperity?

The Coming $50 Billion Budget Battle

The state is currently wrestling with how to close a $2.8 billion budget deficit for fiscal year 2010. Some of the proposed cuts to state spending are significant and debate over them may be holding up completion of the budget, which must be passed by midnight Sept. 30 to avoid a government shutdown. … more