•Florida: DC alternative
established in 2002. State contributes 9% of
salary. 5% of existing employees transferred; 19%
of new employees. Mgmt cost for DC plan:
Since March 1997, new employees have DC (only)
plan. 40% of assets are in plan’s default
money market fund. •Nebraska: After 20 years of DC plan, state converted back to DB. DC returns were 6-7%; DB plan returned 11%.