As state lawmakers continue to grapple with public pension reform, Comptroller Judy Baar Topinka (pictured) says she likes the way some of the proposals are shaping up. Topinka says the Nekritz-Biss bill looks promising, as do some suggestions out of the Senate president’s office.
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“I think so far it’s been the best thing out there and it does give you a basis for doing things,” Topinka said of the Nekritz-Biss bill, which would create a new 401(k)-type retirement plan for state workers, raise employee contributions and limit cost of living adjustments. Topinka acknowledges that any pension reform bill passed into law will be challenged in court, but she says better to get something passed now and in the court system then to wait around. “Every day we wait is 17 million more [dollars] that it’s going to cost us and so we’re just watching that tabulation go up and up and up,” Topinka said.
Whatever the pension fix, the one thing Topinka warns lawmakers, do not borrow money.