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Public Pensions, Like Private Pensions, Are Moving to Defined Contribution Plans
San Francisco ChronicleLink to more items from this source
Jan. 10, 2005

Excerpt: Arnold Schwarzenegger is not the first governor to propose saving money by closing the state's defined-benefit pension plan to newly hired public employees, putting them instead in a defined contribution plan, similar to a 401(k). A couple of states including Michigan have already done so for all or some new employees. More states have started 401(k)-style plans as an option for new and, in some cases, present employees.

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