The Barbershop has re-located

The proprietor has moved the shop to ChicagoNow, a Chicago Tribune site that showcases some of the best bloggers in the Chicago area. You can logo on to the Barbershop home page here. The ChicagoNow home page is here.

You'll still be able to post comments with the same ease as in this location. The proprietor also will keep this web site alive if you wish to review old posts.

Wednesday, July 18, 2007

Chicago Proposes 401(k) Accounts for Transit Workers

By Dennis Byrne
Budget and Tax News

A groundbreaking effort to switch a public employee pension system from a defined benefit plan to a defined contribution plan is underway in Chicago.

The Chicago Transit Authority wants to follow a growing trend in the private sector toward a 401(k)-type retirement system in which the employer and employee make regular contributions into a retirement account controlled by the employee. Supporters say this approach can save taxpayers money while still providing solid retirement income for state workers.

A CTA spokeswoman said Chicago Mayor Richard M. Daley, the state's most powerful Democrat, has signed on to the retirement restructuring.

Read more at Budget and Tax News

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