The Senate Retirement and Independent Entities Committee presented Senate Bill 195 today. This bill eliminates the 1.5% employer contribution to public employees' 401(k) for one year. Employees who were incentivized to leave the contributory system for the non-contributory system are excepted from the cut.
The bill's sponsor, Senator Dan Liljenquist, R-Davis, offered the bill for public comment, as required, but he then suspended committee debate by motioning to adjourn. The bill was not voted out of committee; however, it may be brought to the Senate floor by a majority vote. Liljenquist has made SB 195 an option for solving the state's budget problems.
