Louisiana Political News Wire
House deals setback for cash balance proposal for state employees' retirement
BATON ROUGE - The House dealt a significant setback to a plan to enroll new state employees in a 401(k)-style plan Tuesday, with members requiring that those placed in the new system also be put into Social Security. House Bill 61 would replace the pensions for most new employees with one based mainly on market returns as has been pitched as a way of keeping retirement costs in check for state government. But requiring that state employees, who are not now part of the Social Security system, enroll in the program could more than double the costs the state pays for each employee.
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