Some future employees of the city of Baltimore will not receive a traditional public pension under a plan approved by the City Council Monday.
Instead, new workers will have the option of choosing a 401(k) plan or a hybrid plan in which one third with will be a 401(k) and two-thirds will be a traditional pension, reports the Baltimore Sun.
Under the plan, new city employees will have to contribute five percent of their salaries to their retirement savings account.
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