Michigan scheme rushes to rescue of US healthcare

A US pension scheme has launched a venture capital firm to help state authorities whittle down unfunded post-retirement healthcare liabilities as the country grapples with a looming national bill for unfunded social programmes of as much as $53 trillion (€36 trillion).

Michigan’s Municipal Employees’ Retirement System, which manages $6bn (€3.8bn) in assets, is launching Tegrit Financial Group next month to provide management and financial services to the public and private sectors.

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