Washington Sets Up Hybrid Pension Plan.

• Position: Brief Article - Statistical Data Included

Washington State is transitioning toward a hybrid pension plan that is part 401(a) and part defined benefit. New state and higher education employees will be eligible for the hybrid plan beginning March 1, 2002. Local government employees will be eligible for enrollment six months later. According to officials from the Department of Retirement Systems, the new optional plan is expected to have 150,000 participants or 40 percent of eligible state employees. Employees hired after March 1, 2002, will be allowed to choose between the defined benefit plan and the new hybrid plan. The investment options in the new plan, which have not been set, will be chosen by the...