Dalton City Council bolsters retirement plan in effort to attract and keep workers
A defined contribution plan is similar to a 401(k) in which an employee places a specified amount of money into the plan each pay period.
In addition, the city will match an employee's contribution up to 5% of his or her salary, so potentially, the city could place an amount equal to 10% of an employee's salary into his or her retirement account.
Previously, the city matched up to 5% of the employee's contributions but did not provide a "core benefit." The change is expected to cost about
"We want to take care of our employees," said
"We weren't as competitive as we wanted to be," he said. "We are competing not only against other governments but private industry."
The city closed its pension plan in
"This will make the city (government) a much more attractive place to work, especially in Public Works where we have a lot of blue collar positions," said Public Works Director
Parker said starting wages in Public Works are about
Council members also voted 4-0 to pay dues to the
Council members again said the move is aimed at helping the city attract and retain employees.
The projected cost is
Mayor
___
(c)2020 The Daily Citizen (Dalton, Ga.)
Visit The Daily Citizen (Dalton, Ga.) at daltondailycitizen.com
Distributed by Tribune Content Agency, LLC.
Study points to lack of training among reasons for aviation mishaps
Fact Check: Are Unemployment Benefits Ending?
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News