House Working to Revamp Senate Pension Bill
Pension reform legislation that passed in the Senate last week is undergoing changes in the House. House Speaker Greg Stumbo says he expects some of the proposed changes to be unveiled this week.
The version that cleared the Republican-controlled Senate requires the state to make its full contribution to the pension system but doesn't identify a funding source to do that. Stumbo says the Democratic-led House wants a designated funding source.
The bill also would create a 401(k)-like hybrid retirement plan that some House lawmakers want to remove from the legislation. Critics say that plan could cost the state an additional 55 million dollars over the next 20 years. Lawmakers have 20 working days remaining in the legislative session to pass a pension bill.