Arizona’s public universities have proposed a plan, under which new employees would not be guaranteed a pension, but would instead have 401K-style plans. The universities also want to create their own health benefit plans.
The goal would be to save money in those areas, especially in light of the proposed $75 million cut universities take in Governor Ducey’s proposed budget.
Keith Brainard, Research Director for the National Association of State Retirement Administrators, said different states have different set-ups.
