CONCORD – The Special House Committee on Defined Contribution Retirement Plans for Public Employees today released a Request for Information (RFI) to several financial services companies regarding services for a proposed plan, which will be introduced as legislation in the 2013 Session. Chairman of the Committee Will Smith made the following comments on the RFI.
Chairman Will Smith
“We are focused on meeting our obligations to retirees while also bringing long-term solvency to the system. Bringing public employee retirement plans in line with those of the private sector is both fair to our public employees, who deserve a sustainable system, and our taxpayers. Most of the nation’s large employers and an increasing number of state and local governments are introducing 401(k)-like defined contribution plans for their employees' retirement. Such plans allow employees to own the assets formed for their retirement, but also move investment risks from the shareholder/taxpayer to the employee.”