Bill > H2368

This bill establishes a special commission tasked with studying the feasibility of replacing the current defined benefit pension plan for future state employees with a defined contribution plan. A defined benefit plan, like the current one, guarantees a specific retirement income based on factors like salary and years of service, while a defined contribution plan, such as a 401(k), involves contributions from both the employer and employee into an investment account, with the retirement income depending on investment performance. The commission will investigate this potential change and must submit a report detailing its findings, recommendations, and any proposed legislation to the governor, legislative leaders, and the chief justice of the supreme judicial court within one year of its appointment, after which it will be dissolved.