For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Compliance February 22, 2011
North Dakota Pension Proposal Falls Short
February 22, 2011 (PLANSPONSOR.com) – A proposal that would have closed its state pension fund to new workers fell short by a single vote in the North Dakota House.
Reported by PLANSPONSOR staff
According to the Associated Press, representatives voted 47-46 on Friday to reject a bill that would close the fund to newly hired workers. The new employees would have been put into a 401(k)-style retirement plan instead. Though the bill got 47 yes votes, any bill needs at least 48 votes to win House approval, according to the report.
Representatives are debating a separate bill to close the state’s teacher pension fund to new hires.
Lawmakers also will debate proposals to keep the pension funds and increase contributions to them.