Monday, May 4, 2015

Is This What A New Pension Plan Will Look Like?

With legislation moving forward in Harrisburg that would require the city to shift new hires to a lower-cost retirement benefit program, there are a lot of questions currently about what that plan may look like.

Is This What A New Pension Plan Will Look Like?

With legislation moving forward in Harrisburg that would require the city to shift new hires to a lower-cost retirement benefit program, there are a lot of questions currently about what that plan may look like.

In fact, Mayor Nutter had already been working on a plan to shift new hires to a retirement program that would combine a lower-benefit pension with a 401K plan. And because pension changes must be approved by City Council -- in addition to being negotiated in labor contracts – legislation detailing his proposed plan was introduced in June.

You can read the bill here. It makes clear that anyone hired after July 1, 2009, would go on the ’09 plan, which would have a pension and 401K plan with city matching funds equal to fifty percent of the employee contribution.

But it’s not yet clear if this is this is the plan Nutter will move forward with. We’ve asked the press office for details on whether the city will pursue this plan. We’ll update when we get more information.
 

About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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