A bill to change the pension plan for public employees will be one of the last measures the Legislature will consider.
It would affect people hired after January first, 2023.
Right now it’s a “defined benefit” plan. The bill would make it a “defined contribution” plan.
The current system has an unfunded liability of $1.4 billion. And the proposal would put money toward the current plan over several years to pay that down. Supporters say people who are on the defined benefit plan would have an option to convert to a defined contribution plan, but that would not be mandated.
Author(s): Dave Thompson
Publication Date: 25 April 2021
Publication Site: Prairie Public News