CONCORD, N.H. (AP) — The New Hampshire Senate has voted to create a commission to study a defined contribution pension plan for public employees.
Opponents to a proposed plan in February had urged legislators to study the idea further before acting, saying it would dilute public employee pensions.
Unlike the current pension system that usually provides a guaranteed amount based on years of service, the proposed plan would have operated like a 401(k) by investing employer and employee contributions. The payout would be variable, depending largely on the amount the employer and employee had paid into the plan.
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