Select committee to develop plan for study comparing Plan 3 to Plan 2
Members asked staff to work with the Department of Retirement Systems to scope a study of Plan 3—a hybrid retirement option in effect for about 30 years—to compare retirement ages, benefit adequacy and outcomes with Plan 2; a study outline will be presented in May.
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Chair opened discussion asking staff to outline interim work for May and suggested the committee "bring back as a outline of a study" comparing Plan 2 and Plan 3. Catherine said the proposal is a "time permitting, resources permitting type of study" and framed Plan 3 as a hybrid plan that has been in effect for about 30 years and merits review of member outcomes and adequacy.
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