Pennsylvania Township Ponders 403(b)

December 16, 2011 ( - Newtown Township, Pennsylvania, supervisors will consider establishing a different retirement plan for new non-union employees who currently pay nothing toward their pensions.

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.”