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Bill

Bill

A 6932

Relates to establishing a defined contribution program for which elected officials are deemed mandatory members

2025 Regular Session Introduced by Mike Fitzpatrick

Establishes a mandatory defined-contribution retirement plan for elected officials, mandating participation and setting up individual accounts with employer/employee contributions.

HELD FOR CONSIDERATION IN GOVERNMENTAL EMPLOYEES
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WeVote Research Nonpartisan
Bill Summary · A 6932

Summary of Bill A 6932

Overview

Bill A 6932 proposes establishing a defined contribution retirement program in which elected officials are deemed mandatory members. The bill was introduced on March 18, 2025 and is currently REFERRED TO THE GOVERNMENTAL EMPLOYEES committee. Michael J. Fitzpatrick is listed as the primary sponsor. Related prior-session bills include A 9577 and A 6443.

What the bill would do

  • Create or designate a defined contribution (DC) retirement program for elected officials.
  • Make participation mandatory for elected officials covered by the program.
  • The bill would set the framework for a DC plan, in contrast to a defined benefit (DB) plan, by establishing individual accounts and contributions, and investment of those accounts.

Note: The full text would specify detailed mechanics (contribution rates, vesting, investment options, and administration). Those specifics are not provided in the information available here.

Key provisions to expect (subject to text)

When the bill’s text is available, readers should look for:
- Definition of which elected officials are required to participate (which offices, terms, and any phased or transitional rules).
- Contribution framework:
- Employee/member contributions (percent or dollar amounts).
- Employer contributions (state or governing body matching or non-matching contributions, if any).
- Vesting and eligibility rules (when contributions become vested, minimum service requirements).
- Investment options and fiduciary governance (who administers the DC plan, who serves as plan fiduciaries, disclosure and transparency requirements).
- Benefit calculation and payout provisions (how retirement benefits are determined, distributions, rollover provisions).
- Portability and rollover options (transfer rules if an official leaves office or switches to other roles).
- Transition provisions (how current retirement benefits are handled if applicable).
- Administrative structure and oversight (an agency or board responsible for administration, reporting requirements).
- Provisions addressing administrative costs, funding sources, and potential impacts on the budget.

Who would be affected

  • Elected officials covered by the bill (current and future holders, depending on the scope).
  • The governmental entity or agency responsible for administering the program.
  • Potentially, the broader state or local retirement system landscape, if interplays exist with existing plans.

Procedural and timeline aspects

  • Status: Referred to the Governmental Employees committee.
  • Next steps: If advanced, the bill would progress through committee hearings, potential amendments, and floor votes. Specific dates and milestones would depend on committee actions and the legislative schedule.
  • The duplicate listing of the same committee referral on the same date likely reflects administrative entries rather than separate actions.

Fiscal and policy considerations

  • Creation of a DC plan implies ongoing administrative and investment-management costs, and potential changes in retirement benefits compared to current arrangements.
  • Mandatory participation could affect compensation packages and retirement readiness for elected officials.
  • Depending on the design, the bill could shift future liabilities and budgetary planning from a DB framework (if present) toward individual account investments with varying outcomes based on market performance.

Related bills and context

  • A 9577 and A 6443 are noted as prior-session related bills, suggesting ongoing interest in establishing a defined contribution program for elected officials. Reviewing those texts could provide context for intent, design choices, or alternative approaches.

Next steps for readers

  • Review the full text of A 6932 to confirm specific provisions, definitions, and numerical details (contribution rates, vesting, investment options, and transition rules).
  • Monitor committee actions in the Governmental Employees committee for hearings, amendments, and potential floor votes.
  • Compare with A 9577 and A 6443 to understand differing approaches or compromises considered in prior sessions.

Compiled from official sources — confirm details with the bill’s official record.

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