A bill that would reinvent retirement benefits for public sector employees received its second day of public testimony in the Senate Labor and Commerce Committee.
ANCHORAGE, Alaska - A bill that would reinvent retirement benefits for public sector employees, and be the largest overhaul to the retirement system for state employees since 2006, received its second day of public testimony in the Senate Labor and Commerce Committee on March 20.
Unlike the defined contributions system the State of Alaska currently has, It’s not tied to the market. The committee heard testimony from retired and current teachers and firefighters, concerned citizens, union members, lifelong state residents, and from Alaska newcomers. Staff members Ryan Frost and Zachary Christenson testified one after the other on behalf of the organization, painting a bleak for the state budget.
“If we see something a pension proposal that comes up that we feel like our expertise will be helpful with, we’ll come out and try to offer our solutions and knowledge on it,” Frost said.
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