Nothings official and I won't go into too much detail, but it looks like my employer may Cut the 401a plan we have, and require employees to pay more $$$$ for our current pensions.
As I mentioned before, paying more for my pension is something i'm okay with doing as that is money that will be mine if I leave the city and don't take a pension one day. It earns an automatic 6% interest with no risk. (If I leave the City somewhere down the line, i'll probably cash out my pension account at retirement because i'll likely have a job that participates in Social Security... and the pension allotment drops dramatically if you also are eligible to collect social security.
The 401 a account makes me really sad tho. I like that account and I'm not sure if i'd be able to elect for 1% of my money to continue to go into that account since its employeer paid... Maybe i'll call the company to find out.
There may be furlows and layoffs still... but if we clear a few more job F.T.E. due to retirement and shift the work load around so the positions are eliminated, we might be good...
***crosses fingers***
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