2015 House Bill 4338

Let local school districts not state manage 401k-type contracts

Introduced in the House

March 10, 2015

Introduced by Rep. Anthony Forlini (R-24)

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.

Referred to the Committee on Financial Liability Reform

March 16, 2016

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

May 18, 2016

Passed in the House 66 to 43 (details)

Received in the Senate

May 19, 2016

Referred to the Committee on Appropriations