defined contribution

Pension Overhaul
5:24 pm
Fri October 11, 2013

Pension Committee Considering Adding 401(k) Option

Rep. Mike Zalewski, a Democrat from Riverside, sits on the pension conference committee. "There's some concern over ... frankly whether pension systems should get in the business of the market... and philosophically do we really want to go down this road when there's members of these systems that believe all we need to do is make our payment, rightfully so," he says of defined contribution plans.
Credit MikeZalewski.com

With an eye toward reaching an agreement in time for the upcoming veto session, legislators on a special pension committee met Friday in Chicago. The conversations focused on giving state employees and teachers a new style of retirement plan.

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