House eyes changes in retirement plan
CONCORD — The Special House Committee on Defined Contribution Retirement Plans for Public Employees wants to hire a consultant to help it prepare to introduce legislation next year to institute a defined contribution plan for public workers instead of the current defined benefit plan.
Committee Chairman Will Smith said, “We are focused on meeting our obligations to retirees while also bringing long-term solvency to the system.”
He said bringing public employee retirement plans in line with those of the private sector is fair to both public employees, who deserve a sustainable system, and taxpayers.
“Most of the nation’s large employers and an increasing number of state and local governments are introducing 401(k)-like defined contribution plans for their employees’ retirement,” Smith noted.
“Such plans allow employees to own the assets formed for their retirement, but also move investment risks from the shareholder/taxpayer to the employee.”
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