Report of the Special Commission to Study the Alteration of the Pension System for New Employees

Abstract

Attached you will find the Report of the Special Commission to study the Alteration of the Pension System for New Employees. In the end the Commission realized that major changes to the system would not yield large savings. On the other hand, it was also found that the current system is significantly different from both private plans and other state plans. While the benefits to career employees are generous, the plan is less attractive to employees who wish to work for the state only during a portion of their career. Given changes in the workforce generally, and the need to attract a diverse workforce, the Commission supported the need to make changes to accommodate these employees I hope you will find these recommendations useful