BATON ROUGE, La. (AP) — Louisiana Gov. Bobby Jindal's proposal to create a new retirement plan for future rank-and-file state workers advanced Monday to the full Senate for debate, after getting the support of the Senate Retirement Committee.
The proposal would create a cheaper investment account similar to a 401(k) plan for state employees hired after July 1, 2013, instead of a monthly retirement payment based on their salaries and years of employment.
Supporters said the new system would help shrink the growth in the costs of pensionprograms that are more than $18 billion short of the funding they'll need to pay for all the benefits promised.
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