While many states and cities are looking for a way to cut the costs associated with their public retirement systems, one Washington state senator wants to offer a cash incentive to get the job done.
State employees who agree to move from the traditional pension fund to a 401(k) type system would receive $10,000 under a bill introduced by Sen. Doug Ericksen, a Republican.
The proposal comes shortly after machinists for Boeing agreed to move from a defined benefits plan to a defined contributions retirement system in exchange for a cash bonus of $10,000. The incentive will be paid to 31,000 workers in Washington and Oregon.
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