“Employees were not earning enough through the defined contribution plan to actually retire with enough savings to support themselves,” said state Sen. Cathy Giessel, whose new bill would overhaul state employees' retirement system.
Sen. Cathy Giessel, R-Anchorage, at a Senate Majority press availability in 2017.
Giessel’s bill would return public employees to a pension plan that would guarantee set payments upon retirement. The state moved off a more comprehensive defined benefit pension plan in favor of the current defined contribution plan in 2006. The switch was driven by concerns the state could no longer afford the earlier pension system.
One of the ways lawmakers are proposing to keep the new pension system lean is by not offering retiree health benefits. However, former employees can draw from a health reimbursement account until they are eligible for Medicare.
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