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Tag: 401(k) plans


Senate passes 401(k)-style pension option for new state employees; current workers could opt in

A controversial plan to let future state employees opt into a 401(k) style pension plans – instead of fixed-payment pensions that most receive today – won passage in the state Senate by a narrow vote of 25 to 22 on Thursday.

Senate Bill 5851 also lets existing members in state-run Plans 2 and 3 to make an irrevocable switch into the new option – dubbed the Public Employee Savings Plan – in early 2015.

Republican Sen. Pam Roach of Auburn was among those voting for the bill. But Roach first won passage of an amendment to let new

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