Introduced by Sen. Mark Jansen (R) on December 12, 2013, to close the current "defined benefit" pension system to new school employees hired starting July 1, 2014, and instead provide 401(k) benefits. Employees could contribute up to 5 percent of salary to their account, and the local school district would have to contribute an amount equal to 80 percent of this. This is part of a legislative package comprised of Senate Bills 722 to 728. Full Text and Analysis.
Referred to the Senate Appropriations Committee on December 12, 2013.