Introduced
by
To allow state employees who receive matching retirement fund contributions to their tax-deferred (403b) retirement accounts to also use these to purchase an annuity with a guaranteed lifetime income option that the bill would direct the state to contract with an insurance company to provide. House Bill 4734 would also authorize this for school employees. Unlike traditional government pensions, the company that sells the annuities would be liable for their promised benefits, not the state (and its taxpayers)).
Referred to the Committee on Appropriations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 105 to 4 (details)
To allow state employees who receive matching retirement fund contributions to their tax-deferred (403b) retirement accounts to also use these to purchase a fixed or variable annuity with that the bill would direct the state to contract with an insurance company to provide. House Bill 4734 would also authorize this for school employees. Unlike traditional government pensions, the company that sells the annuities would be liable for their promised benefits, not the state (and its taxpayers).
Referred to the Committee on Appropriations
Passed in the Senate 23 to 8 (details)
Passed in the House 94 to 3 (details)
