Egan’s Retirement Choice Bill on the Move

A state Senate panel has advanced a bill giving Alaska’s public employees a choice of retirement systems.

Senate Bill 121 lets state and municipal workers choose either a defined benefit plan – also known as a traditional pension – or a defined contribution plan, like a 401(k) retirement savings account.

During the Murkowski administration the legislature did away with the state’s defined benefit program for all new hires since July 2006. The Parnell administration opposes the current bill.

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