LAFAYETTE, Ind. (WLFI) - Pension changes could be coming for state workers.
The state's Public Retirement System board voted to privatize payouts from annuity savings accounts instead of making the investments themselves.
Currently, upon retiring, state workers can choose a payout from their pension or an annuity of 7.5 percent annual interest.
Dan Doonan with the American Federation of State, County and Municipal Employees said the change is risky for the workers because of the potential for the broker to fail.
"The money they put in would be a loss," said Doonan. "We feel like it's wasteful, because the Retirement Board itself has very low overhead expenses. It, basically, has a good track record with sound investments."
Doonan said the loss in value for the annuity is about 40 percent.
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