House Speaker Wants Changes To Retirement
Alabama House Speaker wants changes to the state’s retirement system. Speaker Mike Hubbard says that taxpayers cannot continue to support an investment strategy that cost the state $1 billion in 2011 for public employees’ retirement benefits and matching contributions.
Hubbard said lawmakers are not seeking to “raid the pension fund.” He said he and others want a new retirement plan for new public employees and those who have been in the system less than 10 years. Proposed changes could be addressed during the legislative session that starts on February 7.
