Utah lawmakers are considering three separate bills that would overhaul the $19.2 billion Utah State Retirement System, Salt Lake City.
Senate Bill 63 would require state employees hired after July 1, 2011, to choose between a hybrid retirement plan with reduced benefits compared to the current defined benefit plan and a 401(k) plan that allows workers to contribute 8% of their salaries. The current DB plan would be closed to new employees as of July 1, 2011.
Senate Bill 94 would give employers the discretion to determine whether to contribute the equivalent of 1.5% of employees’ salaries to their 401(k) plans.
Senate Bill 43 would repeal required employer contributions to retired workers who have been rehired by the state.
All three bills were sponsored by state Sen. Dan Liljenquist, who could not be reached for comment.