Introduced
by
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 Committee on Senior Health, Security, and Retirement
