Critics said the new plan, called a "cash balance" plan, could leave workers without enough of a safety net, since Louisiana state employees aren't part of the Social Security system. They noted the only other state that has a cash balance plan for its workers, Nebraska, also includes them in the Social Security system.

Frank Jobert, executive director of the Retired State Employees Association of Louisiana, questioned whether the amount of money accumulated by workers for their pension benefits would be enough to give retirees security.

"It has to be a livable benefit," Jobert said.

The cash balance bill by Rep. Kevin Pearson, R-Slidell, narrowly received the backing of the House earlier this month. If it gets approval from the full Senate, the measure would have to go back to the House for review of Senate changes.

Financial analysts disagree widely on whether the retirement plan change for new employees would cost or save the state money.

Under the proposed system, the contributions made by the employee and the state would be invested, and the account would grow at the rate of investment earnings. The employee would never lose money for investment slumps, as in a traditional 401(k) plan, however.

The risk shifts to the employee, because the state would no longer be guaranteeing a specific level of expected investment return, or a monthly payment based on the worker's highest years of salary.

When employees leave their state jobs, they would get a lump sum payment of their account balance, including interest and credits for the investment earnings, or they could get an annuity, a fixed annual payment for life once they reach age 60.

If they stop working for the state in fewer than five years, employees would get a refund of what they paid into the system, but not the employer contributions.

The cash balance plan wouldn't apply to law enforcement workers and others considered hazardous duty employees. It also wouldn't apply to public school teachers, unless they chose to opt into the program.