Benefits December 16, 2011
Pennsylvania Township Ponders 403(b)
December 16, 2011 (PLANSPONSOR.com) - Newtown Township, Pennsylvania, supervisors will consider establishing a different retirement plan for new non-union employees who currently pay nothing toward their pensions.
Reported by PLANSPONSOR staff
Officials said they would likely vote for the 403(b) plan for the new hires next month, according to the Newtown Courier-Times.
After some debate, the supervisors decided the board will consider a plan in which new non-union hires participating in the plan will have a minimum contribution requirement of 1% of their salary. The township will match dollar-for-dollar up to 4% of salary deferred.
The one supervisor who voted against the proposal said: “I don’t see why we should mandate someone to invest in their retirement.”