Introduced by Sen. Phil Pavlov R-Saint Clair on February 11, 2015
To close the current "defined benefit" pension system to new school employees hired starting July 1, 2015, 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. Official Text and Analysis.
Referred to the Senate Appropriations Committee on February 11, 2015
Reported in the Senate on December 1, 2016
With the recommendation that the substitute (S-4) be adopted and that the bill then pass.