Associated Press, Published January 22 2011
Pension shakeup: Bill would close ND plans for teachers, state and local government workersBISMARCK, N.D. -- One North Dakota legislator says the
state's pension troubles are the start of a big, expensive problem.
The North Dakota House's Government and Veterans Affairs
Committee is looking at bills to close state pension funds to newly
The funds cover public school teachers and state and local
government workers. Instead, new employees would be put into
savings plans, similar to 401(k) accounts, to put aside retirement
Minot Rep. Scott Louser compares the situation to putting gas in
a broken-down car, when the car needs overhauling.
But teachers say the guaranteed pension benefit is a good lure
for new teachers.
Dickinson State University student teacher Matt Quintus says
North Dakota's teachers already have low pay, and the existing
pension system helps make up for it.