|Posted:||January 13, 2013 02:57 PM|
|From:||Representative Scott A. Petri|
|To:||All House members|
|Subject:||SERS and PSERS Optional Defined Contribution Plans (Former HB 551 and HB 552)|
| I will be reintroducing legislation that will allow future state and school employees to opt into a defined contribution retirement program in lieu of becoming a member of the State Employees’ Retirement System’s (SERS’) or Public School Employees’ Retirement System (PSERS) defined benefit program.
I believe that these proposals can lead to a “win-win situation” for state and school employees and taxpayers, who currently provide financial support to SERS and PSERS. State and school employees will be given another retirement option, which will allow them to take more of an active role in investing for their retirement. Over the long term, the defined contribution program created by this proposal may serve to reduce future retirement costs.
Briefly, my legislation would do the following:
Introduced as HB240
|Description:||Former HB 551: PSERS Optional Defined Contribution Plan
Previous co-sponsors: CALTAGIRONE , D. COSTA, GABLER, MURT , RAPP , ROAE , TRUITT, YOUNGBLOOD and SANTARSIERO
Introduced as HB242
|Description:||Former HB 552: SERS Optional Defined Contribution Plan
Previous co-sponsors: CALTAGIRONE , D. COSTA, GABLER, MURT , RAPP , ROAE , TRUITT and SANTARSIERO