New Retirement Plan
SB 438, sponsored by Sen. Price (D) and Rep. Bacala (R) and supported by our Board, is a bi-partisan bill which would create a New Retirement Plan with a Defined Benefit (DB) foundation and a Defined Contribution (DC) add-on. This bill is LASERS-specific.
This new plan would be for LASERS rank-and-file members hired on or after January 1, 2024. The plan does include a provision allowing the new hires to opt-in to the traditional DB plan within two years of hire.
The plan is designed to better meet the needs of a new generation of LASERS rank-and-file members, ensure that those who choose to retire from state service receive a guaranteed lifetime benefit, and simultaneously reduce the risk of future Unfunded Accrued Liability (UAL).
This page will be continually updated with new information as needed.