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Last login: Tuesday, August 30, 2011
From what I have read, the pension reform will only affect new city employee hires. I personally don't think a 401k will reduce the amount a person will get for retirement. If what I am reading is correct, the purpose of the reform is to eventually not use taxes to pay for pensions, and use the taxes to hopefully get our fine City out of debt! I may be wrong on this, and if I am please correct me. The statement in this article reads."public workers are likely to end up like their private counterparts: gambling their retirement funds on the market"...isn't that what the city pension is/was doing? In a 401k, the employee can choose the risk, but I don't think they have that option paying into their city pension.
August 30, 2011 at 6:29 p.m.
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