The debate over state retirement plan options continued in Fairbanks on Thursday. Legislators will consider a bill next session that would allow public employees, like teachers and fire fighters to choose between the current 401k type retirement account and a traditional pension. The Senate State Affairs Committee held a hearing on the bill in Fairbanks on Friday.
CORRECTION: Last Friday we reported on a bill in the state legislature which would offer public employees a defined benefits retirement plan option. Â The story gave actuarial cost estimates in thousands of dollars which should have been in millions of dollars. Â The estimated cost of bringing in existing employees who opt for defined benefits is 124 million dollars. Â The annual cost of the program after that is anticipated to escalate from 20 million dollars in FY 15, to 66 million in FY 19.
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Dan Bross is a reporter at KUAC in Fairbanks.
