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February 26, 2013

Wash. Senate eyes shift to 401(k) plans

OLYMPIA (AP) — A new proposal in the Washington state Senate would shift many government workers into a 401(k)-style retirement system.

The plan developed by Senate Majority Leader Rodney Tom seeks to close pension systems. Workers under the age of 45 and new employees would be shifted into a defined-contribution plan funded mostly by the employees.

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