Labor & Economic News Blog


Tuesday, May 02, 2006

NJ Transit plans an alternative for worker pensions

NJ Transit plans an alternative for worker pensions
Source: Newark Star-Ledger
In what could be a first step to wean public employees from costly traditional pension plans, NJ Transit will soon place some newly hired workers into a retirement program known as a 401a.
The agency will make annual contributions equaling 6 percent of each worker's salary per year, but will not be on the hook for payments after the workers retire.

 



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