US. Revamped hybrid retirement plan proposed for rank-and-file state workers
Revamping the pension plans for future rank-and-file state workers will better serve the needs of younger employees and lower the state’s debt risk, according to officials with the Louisiana State Employees’ Retirement System.
The Senate Retirement Committee, chaired by Sen. Barrow Peacock, R-Bossier City, is expected to consider Senate Bill 14 on Monday. The legislation, authored by Peacock, is a hybrid retirement plan that would apply to rank-and-file state employees hired on or after Jan. 1, 2020. The monthly pension check wouldn’t make up as much of a portion as the current retirement plan does. A 401(k)-type investment account would be added to the new plan.
Read More: American Press
