A new proposal to fix the state’s pension crisis will be unveiled today… and early word is that it will require state workers to kick in more for their pension, and in some cases to wait longer to receive those retirement benefits.
One lawmaker who has worked on the legislation says it will ask workers to contribute another two-percent toward their pensions, and will raise the retirement age for younger workers.
Current and future retirees would also see less generous cost-of-living adjustments in their pensions.
The bill also seeks to shift the state’s share of teacher pensions back to local school districts over time.
Final action on any pension plan is not expected until next month’s “lame duck” legislative session.