Introduced by Rep. Anthony Forlini R-Harrison Twp. on March 10, 2015
To allow individual school districts rather than the state to select management companies to administer the 401(k)-type defined contribution component of a so-called “hybrid” retirement plan for new school employees. This gives these employees tax deferred contributions to a savings account they own, but also creates additional long term taxpayer liabilities by enrolling new hires in a slightly more modest conventional defined benefit pension plan than existing employees. Official Text and Analysis.
Referred to the House Financial Liability Reform Committee on March 10, 2015
Reported in the House on March 16, 2016
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.