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Committee orders study of Plan 3 and asks retiree groups for COLA proposals
Summary
The committee directed staff to scope a comparative study of Plan 3 and Plan 2 and asked retiree groups to submit formal COLA requests; staff also outlined a calendar of briefings through the interim to inform any recommendation.
Senator Conway, chair, asked staff to work with the Department of Retirement Systems to draft an outline for a study comparing Plan 3 and Plan 2 and to present that outline to the full committee in May.
The study idea was raised by a committee member, Catherine, who said the hybrid Plan 3 has been in place for about 30 years and that "it might be a good time to step back" and evaluate how Plan 3 is operating and how it compares to Plan 2. Catherine asked staff to…
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