A bill that would have created an optional defined contribution plan...

A bill that would have created an optional defined contribution plan for Texas state workers today failed to gain enough support on the state Senate floor. Senators expressed concern about the long-term actuarial health of the Employees Retirement System of Texas — the defined benefit plan for state workers — said a representative for Sen. Jeffrey Wentworth (R-San Antonio). Because the vesting period for the defined contribution plan is one year, senators were concerned that participants would receive the state’s 6% matching contribution and leave the plan soon thereafter, the representative said. Mr. Wentworth hasn’t decided whether he will reintroduce the bill this session — scheduled to adjourn May 30 — or wait until the next legislative session. This is the first year he has tried to introduce such a bill.