A bill currently before the Washington State Legislature would put public sector employees’ retirement security at risk.
SB5851 would create a defined contribution retirement plan (401k) that could eventually supplant public employees’ pension plans altogether. SB5851 would harm existing PERS plans by driving up plan costs. Each new member of the proposed plan would increase the risk to the State Investment Board’s ability to make sound, long term investments. The bill would put the State’s entire pension system in jeopardy!
SB5851 is sitting in the Senate Rules Committee, just one step away from a crucial Senate floor vote. Contact your legislators now and urge them to oppose the bill!