The Wyoming House of Representatives has defeated a bill that would have changed the state retirement system. Cheyenne Republican Bryan Pedersen wanted those hired after July first 2014 to be entered into a 401K style retirement plan versus the current defined benefit plan.
The reason for the defeat is because Pedersen believes the current state plan will run out of money.
However, opponents questioned Pedersen’s numbers and his timing, and Casper Republican Steve Harshman says it’s too big of a change in a short budget session.
“If this is an issue that rises to this level that my friend from Laramie County says, we should form a blue ribbon committee and really get after this and study it and take lots of public input," said Harshman. "Much like we have done with education accountability and tax reform 2000, all those huge initiatives. You don’t do this in a budget session.”
A number of state employee groups opposed Pedersen’s idea. It died on a 30-30 vote.