SB 1040--it's not over yet
The House passed their version of SB 1040 on June 14—the last day of session—and it was expected that the Senate would do the same. But they didn’t. They adjourned without having taken any action because they didn’t have the votes to pass it. Some Senators still oppose the House’s move to keep new hires in a hybrid pension plan. They would prefer new hires be stripped of any pension and be put into a defined contribution 401(k) plan.