House Working on Revamp of Senate Pension Bill

By Associated Press | 

Pension reform legislation that passed the Senate last week is undergoing changes in the House.

House Speaker Greg Stumbo said Monday he expects some of the proposed changes to be unveiled this week.

The version that cleared the Republican-controlled Senate requires the state to make its full contribution to the pension system but doesn't identify a funding source to do that. Stumbo said the Democratic-led House wants a designated funding source.

It also would create a 401(k)-like hybrid retirement plan that some House lawmakers want to remove from the legislation. Critics said Monday that plan could cost the state an additional $55 million over the next 20 years.

Lawmakers have 20 working days remaining in the legislative session to pass a pension bill.

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