A Republican-led push to shift Virginia’s public employees toward a 401(k)-style retirement plan could cost the state up to $25 million, a new report says.
A bill approved by the General Assembly but amended this week by Gov. Bob McDonnell requires employees hired after Jan. 1, 2014 to participate in a new pension plan that will be a hybrid of the current system and a defined-contribution style plan that is common in the private sector. Existing employees can opt into that plan as well.
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