Kudos to the members of the Senate Government Operations and Political Subdivisions Standing Committee for applying the same treatment to future legislators that state employees receive. The committee voted 5-1 this afternoon in favor of SB 156, the bill by Senator John Valentine, R-Orem, that ends the current pension benefit program for elected officials and replaces it with the 401(k)-style program that state employees now use.
By moving to the 401(k)-style program, elected officials’ benefit program matches that offered to state employees. The shift, which only applies to newly elected officials, keeps them from unfairly enjoying a richer retirement benefits package than state employees whose benefits were altered to prevent the state employee retirement system from bankrupting the state. SB 156 now moves to the full Senate body for consideration.