Saturday, December 20, 2014

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
Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
 Follow Chris on Twitter

Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
 Follow Jenny on Twitter.

PhillyClout Team
Also on Philly.com
Stay Connected