Senate Majority attacks retirement security



pension-nest-egg-artBill phasing out retirement security sent to Senate floor – a day after stock market drop crashes 401(k) values

The state Senate Rules Committee Tuesday (Feb. 4) moved the major anti-retirement security bill to a full Senate vote – a day after the stock market plummeted 326 points, meaning existing 401(k) plans have dropped 6 percent in 2014.

That’s what ABC News is reporting (“Stock Drop Prompts 401(k) Fears”).

Back here, the anti-retirement security bill, ESSB 5851, would start the phase out of current pensions – just as promised by the Senate Majority Coalition. A new 401(k)-style plan would go into effect July 1, 2014, for new hires. Those who don’t select a retirement plan would go into the existing hybrid PERS 3 plan. PERS 2 would be closed to new hires. The limitation actually harms the financial viability of the entire pension system.

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