2013 Senate Bill 726

Give new school employees 401(k), not pensions

Introduced in the Senate

Dec. 12, 2013

Introduced by Sen. Bruce Caswell (R-16)

To grant public school retirees with income less than 133 percent of federal poverty level health insurance benefits in which the state will pay 90 percent of the cost of “coverage in the plan authorized by the retirement board.” This is part of a legislative package comprised of Senate Bills 722 to 728, which would close the current "defined benefit" pension system to new school employees hired starting July 1, 2014.

Referred to the Committee on Appropriations