SB 1040 still in limbo; contact legislators today
With reports that sides are very close to a deal, the fate of SB 1040 is still in question with only two days left for legislators to deal with the issue. The House needs to act on the bill before the Senate can finalize it.
What to do with new hires remains a point of contention in the bill. The House Republicans want to give new employees the option of the current hybrid pension plan or a plain 401(k), while the Senate Republicans want to require that they move into a 401k only plan. Both sides agree that they want to end retiree health care for new hires.
Another major difference is the House version of the bill includes provisions to pre-fund health costs and start bringing down the $45 billion unfunded liability in the system.
With only two days left before the summer legislative break, time is running out. It’s critical that you contact your Senator and Representative today and let them know the impact this bill will have on current and retired school employees and those new to the profession.