(CONCORD) Today the House Special Committee tasked with studying the implementation of a Defined Contribution Plan (essentially a 401k style plan) for new state employees.

The meeting, which was largely organizational and laid out the path the committee will take over the next three months.  Two sub-committees were set up, one to deal with the projected $1.2 billion increased unfunded liability issue, dubbed the PC3 Committee (Pension Closing Cost Containment) by its chair Rep Neal Kurk, and the other with working on the design of the defined contribution plan as well as reaching out to firms who might be interested in responding to either an RFI or RFP.

Also discussed was the make-up of the non-voting adjunct committee, made up of stakeholders and experts in the field of finance and retirement plans. With the exception of Senator Fenton Groen, no adjunct members have been appointed by the committee chair.

The subcommittees will meet next week, with the Plan Design sub-committee meeting on July 23 at 3pm and the PC3 sub-committee meeting on July 26 at 1:30pm.

The next full committee meeting is tentative scheduled for the following week, on July 31 at 1pm.