IN SB0408

Requires new full-time state employees hired after the effective date to automatically enroll in the public employees' defined contribution plan, rather than having the option to choose between the defined contribution plan and the traditional pension fund

Removes the election provision that previously allowed eligible new state employees to choose whether to participate in the defined contribution plan or the Public Employees' Retirement Fund (PERF)

Exempts individuals who were members of the Public Employees' Retirement Fund before the plan's effective date from the mandatory defined contribution requirement

Members who separate from state employment and later return to a covered position will resume membership in the defined contribution plan, with credit for prior years of participation (though previously forfeited amounts will not be restored)

Declared as an emergency measure, taking effect immediately upon passage