2/4/17 Federation Vice President Judy Kuschel urged the House Appropriations Committee (Thursday) Feb. 2 to support HB 1560, the Federation-initiated bill that would make PERS 2 the default pension plan for state employees hired on or after July 1, 2017.
Right now new employees who don’t choose a pension within 90 days are automatically placed in PERS 3. PERS 3 is hybrid plan where half the pension is defined benefit while the other half is based on the employee’s personal investment choices.
Kuschel said many new employees face a chaotic orientation process where sometimes the importance of picking a pension plan is overlooked in the pile of paperwork they must fill out.
“This is an important decision and often isn’t given enough time and education to make that choice,” Kuschel said.
She noted that the committee’s staff reported the bill would bring “significant savings” to state coffers.
Washington Federation of State Employees
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