Bill Placing New Gov't Workers In 401(k)-Style Plans OK'd
TALLAHASSEE (CBSMiami) – Those seeking a government job purely for posh benefits might think twice. New state employees are one step closer to losing their pensions in favor of market-driven 401(k) retirement plans.
A House subcommittee passed a bill placing all new state employees in 401(k)-style plans Thursday, the News Service of Florida reports. This sets the stage for a showdown between legislative Republicans and public workers' unions.
The vote passed along party lines, and while Republicans supported the bill, some GOP members warned that they wanted more information before it comes to the floor.
The measure (PCB GVOPS 13-01) passed the House Government Operations Subcommittee after a contentious and at times emotional three-and-a-half-hour meeting. Specifically, the bill would require all employees who begin working for the state on or after Jan. 1 to join a "defined contribution" plan.
Read what supporters and opponents had to say in the full article.
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