On Tuesday, Sen. Jeremy Ring unveiled two proposals to significantly revamp state and local retirement plans. Under the proposals, new local and state employees would be enrolled in defined contribution plans similar to 401(k) plans offered in the private sector. In addition, the deferred retirement option plan (otherwise known as DROP) will be eliminated for employees hired after July 1. The local reform bill, S.B. 1128, will be heard in the Senate Committee on Governmental Oversight and Accountability on Tuesday, February 22, while the state reform bill, S.B. 1130, will be heard in the same committee on Thursday, February 24.