The last county in Delaware to provide employees with contribution-free pensions has voted to end that practice.
The Sussex County Council on Tuesday approved an ordinance requiring any employee hired after Jan. 1 to pay 3 percent of their salary into a pension fund after they receive their first $6,000 in wages each year, reports the News Journal.
Until now, the county's pension fund was financed through tax revenues and investment gains. Finance director Gina Jennings said the new contribution mandate would take about $1,250 a year from a new employee's wages, according to the newspaper.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
