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2007 House Bill 4095: Go back to defined-benefit pension for state employees
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- Introduced by Rep. Aldo Vagnozzi (D) on January 23, 2007, to establish a defined-benefit type retirement system for state employees. Under current law, state employees hired after March of 1997 may only participate in a newer, 401k-type defined-contribution plan, which is "portable" for the employee, and reduces the state's liability of for future employee pension benefits. The bill would give government workers a choice of either entering the previous defined benefit plan or a defined contribution plan..
- Referred to the House Senior Health, Security and Retirement Committee on January 23, 2007.
Most Recent Comments
1) big spender Vagnozzi by Anonymous Citizen on September 7, 2007This bill is old and going nowhere, but it illustrates the mentality of legislators like Vagnozzi. Come to think of it, old and going nowhere describes Vagnozzzzzzi as well. A balanced budget with the likes of Aldo? Not without BIG tax increases.
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Aldo is so old-style organized labor liberal thinking-living in the past in his thinking. Hey Aldo, how about a retro Michigan legislation?
Sponsor a bill which would turn back time for the former Great State of Michigan to, say, 1957, when the sun was rising on the state.
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No one wants them as the downside is too great. Unfunded liability, indeterminant future costs, plan overhead, actuarial costs make these plans unworkable.
Go to a 403(b) plan with a reasonable matching contribution. Then our brilliant, dedicated, intelligent, hardworking state workers can control one aspect of their retirement planning which won't be subject to the whims of future state legislators. Defined contribution plans are the way to go. Also, they are portable.
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