Sean King

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Knoxville, Tennessee, United States

Friday, July 16, 2010

It's About Time!

State governments, one of the last bastions of guaranteed pensions, are increasingly taking a page from the 401(k) plans that dominate the private sector.

Some new state workers in Michigan and Utah will soon begin to receive part of their retirement benefits from a 401(k)-type plan, after lawmakers there recently voted to adopt plans that combine a 401(k) component with a guaranteed benefit.

It doesn't seem to go far enough to me.

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