Hybrid 401k Retirement for Pennsylvania State Employees. Can Glendale do the same?
On Monday Pennsylvania’s Democratic Governor Tom Wolf signed a bill that would enroll new state employees in “hybrid” retirement plans that feature defined-contributions from employees, much like 401(k)s offered by private businesses. The government would put up a smaller defined benefit. Employees could also choose a plan with only the 401(k), though it isn’t clear how many would. Teachers and other current workers would have the option to switch into the new plans. The legislation passed the Republican legislature by wide margins.
More at the Wall Street Journal