Atlanta-based employees will now contribute an extra 5% of their yearly salary to defined benefit pension plans, Pensions & Investments reports. Starting from November 1, existing employees will shell out 12-13% of their pay as per a bill passed by the Atlanta City Council.
Those hired after November 1 will contribute 8% of remuneration to their pension plans and be positioned in a hybrid plan with a 3.75% obligatory contribution. The legislation has also raised the retirement age for recently hired general city employees from 60 to 62 and from 55 to 57 for police officers and firefighters.
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