How Nutter's pension plan works

Posted: December 17, 2012

HOW WOULD Mayor Nutter's proposed pension changes for city workers and future elected officials work?

Pension benefits for elected officials are now calculated by multiplying a worker's average final compensation by 3.5 percent and then multiplying again by the number of years served.

Under Nutter's hybrid plan, the average final compensation for both city workers and elected officials would be multiplied by 1.25 percent, and the number-of-years -worked multiplier would cap at 20.

The highest the pension could be for elected officials is their final compensation.

Also, the city will match of up to 1.5 percent of salary in 401(k) contributions.

- Jan Ransom

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