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Select committee to develop plan for study comparing Plan 3 to Plan 2

Select Committee on Pensions — Executive Committee · April 21, 2026

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Summary

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.

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.

Staff told members they will work with the Department of Retirement Systems to scope the study and return a draft study plan to the full committee. The scope discussed included comparisons of retirement ages, typical benefit outcomes, and how the Plan 3 deferred-compensation elements interact with pension benefits.

Members said a deep dive may take multiple interims and recommended several follow-up steps: staff scoping, a presentation to the full committee, and engagement with retiree and labor groups. The chair said retiree organizations should be asked to submit formal proposals so the committee can consider funding and timing. "We could just do it over several several interims as well," the chair said, noting members will need background information to evaluate outcomes.

The committee set an expectation that staff will present a study outline at the May meeting for committee direction; no formal vote or commitment of new funds was recorded during this discussion.

Ending: The committee agreed staff will coordinate with DRS and bring a draft study plan to the May meeting so members can decide the study’s scope and timeline.