Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Cities and Counties Seek Ability to Withdraw from State DC Plan; PERS Flags Fee and Buying‑Power Issues
Summary
House Bill 1602 would let political subdivisions withdraw from the new state defined contribution (DC) plan and establish their own DC plans; proponents said the change offers local flexibility, while PERS warned the split could raise fees for remaining participants and urged more time before any emergency effective date.
Representative Jim Casper introduced House Bill 1602, which clarifies that political subdivisions that previously participated in the state retirement system’s defined benefit plan may form and participate in their own defined contribution (DC) plans instead of remaining in the PERS DC plan established after the DB closure.
Casper said the 2024 legislation that replaced the closed defined‑benefit plan with a DC plan left an ambiguity about whether political subdivisions could opt out and create their own DC plans. He read a legislative counsel…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
