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Subcommittee advances revised Group 3 retirement plan bill after compromise on start date and vesting
Summary
Lawmakers debated House Bill 581, which would create a new Group 3 defined-contribution plan for new state employees. The subcommittee approved amendments that delay the plan's start date and add a two-year employer-vested period, then voted to forward the bill as amended.
Members of the Executive Departments and Administration subcommittee heard testimony and debated House Bill 581, which would establish a new Group 3 retirement plan for state employees hired after the bill's effective date. Proponents, including the bill's sponsor and an actuary who provided comparative analysis, said the change would bring elements of defined-contribution plans used in the private sector to state employment and could provide…
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