Senate Roll Call 261 on2017 Senate Bill 401: Overhaul school employee retirement system
View the rest of Senate Bill 401: History, Amendments & Comments
To replace the current school pension system with one that requires more cost-sharing by new employees, and contains provisions intended to limit state management practices responsible for the $29.1 billion of unfunded liabilities in the status quo system. New employees could choose instead to receive substantial employer contributions to 401(k) accounts (4 percent of salary automatically, and an employer-match of up to 3 percent more). If the overhauled defined benefit component is not properly funded then employees who enrolled in it would have to pay half the cost of correcting this. If underfunding exceeds specified levels it would be closed to new hires.
SENATE LEGISLATORS ORDERED BY NAME
Senate Roll Call 261 on 2017 Senate Bill 401