While many states and cities are looking for a way to cut the costs associated with their public retirement systems, one Washington state senator wants to offer a cash incentive to get the job done.
State employees who agree to move from the traditional pension fund to a 401(k) type system would receive $10,000 under a bill introduced by Sen. Doug Ericksen, a Republican.
The proposal comes shortly after machinists for Boeing agreed to move from a defined benefits plan to a defined contributions retirement system in exchange for a cash bonus of $10,000. The incentive will be paid to 31,000 workers in Washington and Oregon.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
