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• Introduced by Sen. John Gleason (D) on March 29, 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. The Senate Fiscal Agency recently prepared a memo comparing the liabilities that defined benefit obligations place on schools, and the reduced liabilities of the state under the defined contribution system.
  • Referred to the Senate Appropriations Committee on March 29, 2007.