It seems like we've heard talk of making the City's retirement plan less generous for years. Currently the City matches employee contributions 2-to-1; every now and then somebody proposes decreasing that to 1-to-1 or something in between. City Councilman Ken Svoboda is the latest to bring up the idea of shrinking the City's contribution, at least for new hires.
What are the odds the proposal gets any traction this time?
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I think the odds are very good, or *should* be very good this time. 1 to 1 is still a very good match versus the private sector.
The way I read it, this time it would be different because it would apply to new hires moving forward. So if someone is already working there, why should they care and be concerned? Theoretically, in a number of years, the situation will get to a more manageable level, and no one has to give something up.
What’s not to like about this?
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