TALLAHASSEE (CBSMiami/AP) — A House panel will begin consideration of a proposal that will change the state’s retirement system and end guaranteed pensions for new teachers and state and county employees.

The House Government Operations subcommittee on Friday will take up a bill (HB 7011) that could do away with traditional pensions for workers hired after January 2014. It would replace pensions with individual investment accounts similar to 401(k) plans.

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About three-quarters of those now in the state pension plan are teachers and local government workers such as law enforcement officers and firefighters.

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The idea is to shift retirement investment risk from the state to its employees. The bill also would end disability benefits for new workers.

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