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.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-4) be adopted and that the bill then pass.