Officials: Converting pensions to 401(k)s brings worries

11/3/2011 | Bloomberg Businessweek

More states will follow Michigan's move to switch new public workers from a pension to a 401(k)-style plan, experts on government pensions said at the Bloomberg State and Municipal Finance Conference. But that money-saving move comes with concerns, such as employees facing a retirement shortfall because they defer too little income. Michigan Treasurer Andy Dillon, one of three experts on the panel, said he wants state workers to be required to place a certain percentage of their salaries in their 401(k) plans.

View Full Article in:

Bloomberg Businessweek

Published in Brief: