2/17/2005
13
Legislation, continued
Richman’s plan would require use of private money managers—e.g., CalPERS could not manage the DC plan. (This provision may have been dropped.)
Richman’s staff may be developing a separate bill that would create plans that would have a dollar-for-dollar match on up to 10% of employee pay. (P&I, 12/6/2004)
The DC plan would eliminate disability retirements and death benefits provided by DB plans.
A DC plan would provide no protection against inflation.