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Guest walley
Posted

I work for a city who has its own retirement plan but I cant seem to get any info about it. I'm vested now and I found out others I work with that have the same job title have a larger accural rate than I. Is this allowed? And what about equallity! Since this is a goverment workplace isn't this disciminating? And what body oversees these local goverment retirement plans?

thanks tim

Posted

Normally, such plans are governed by the laws of whoever created the plan, such as a city or county government. However, this is also a high likelihood that state laws are also relevant, perhaps even more important, since most local governments derive their authority from state legislation.

The first place to seek information is almost always the HR function of your local goverment. It is possible that your plan is a "subset" (using that term very loosely) of a state plan.

This attorney has a website with lots of resources that might help you, although navigation may take some time. The link to state government retirement systems might be a good place to start.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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