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.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.