SB 6045 - DIGEST

Declares an intent to design a defined contribution pension system for new public employees, teachers, and school employees that uses best practices of defined contribution plans to provide opportunity and flexibility to accrue a viable retirement benefit, while providing stable funding requirements for public employers and taxpayers.

Requires the office of the state actuary, with the assistance and support of the department of retirement systems, to develop a legislative proposal in bill draft form that would implement a mandatory defined contribution retirement system.