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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