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Philadelphia reached a tentative seven-year contract agreement with the representatives from the city's largest municipal workers' union, AFSCME District Council 33, that will increase employee contributions to the pension fund and allow new employees the choice between a hybrid plan and the traditional pension plan, said Mark McDonald, a spokesman for Mayor Michael A. Nutter.
The contract agreement term is retroactive from July 1, 2009, through June 30, 2016. Terms of the contract must be ratified by members of DC 33.
Current participants in the $4.8 billion Philadelphia Municipal Retirement System, a defined benefit plan, will have their employee contribution increase by 1% of pay over the next two years — 0.5% effective Jan. 1, 2015, and an additional 0.5% effective Jan. 1, 2016.
All employees hired after the contract is ratified can either enter the defined benefit plan and pay 1% more than current participants or enter a hybrid plan. Current employees have 90 days following ratification to make an irrevocable election to move to the hybrid plan.
James Comtois writes for Pensions & Investments, a sister publication of Business Insurance.
Although not yet as popular in the United States as in many parts of Europe, public-private partnerships have gained ground over the past few years as long-term alternatives for funding U.S. construction projects. While the projects represent an opportunity to improve U.S. infrastructure, the risks of the projects must be carefully evaluated, says Jeff Slivka, executive vice president and chief operating officer of New Day Underwriting Managers.