STAMFORD, CT — A tentative agreement between the school district and the custodial union could be "groundbreaking," according to the Stamford Advocate.
Employees hired after July 1 will be placed in a defined contribution pension plan, the article stated.
According to the article, the city would contribute nine percent, while the employees themselves would contribute four percent.
"With the defined contribution, the city would match what you put in up to a certain amount, and if your investment goes south, that''s on you," said Executive Director of Human Capital Development Thomas Danehy.
"In a good market, [the employee] could end up with more money in a defined contribution. In a bad market, he [or she] could wind up with less, but the city has already paid the money, so they''re off the hook," Danehy added.
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