Nicholas Pension Consultants
Nova 401(k) Associates
Compensation Strategies Group, Ltd.
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|Chicago Public Schools to End Employee Pension Contribution Pickup for Certain Workers|
Pensions & Investments
Aug. 12, 2015
"Beginning with the Aug. 24 pay period, certain existing employees will contribute 4%, saving the cash-strapped school district an estimated $2.9 million for this fiscal year. In fiscal year 2017, which starts June 30, 2016, employees will contribute 6% for a savings of $6.8 million and in fiscal year 2018, employees will contribute the full 9%. The changes, once fully implemented in fiscal year 2018, will save CPS an estimated $11.1 million annually."
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