Effective government

401K for City Employees

Convert city employee retirement plans to 401Ks. The obligation to fund traditional retirement plans sank GM and numerous other major industries, and today accounts for a huge (and growing) chunk of Seattle's budget. The chickens will come home to roost when the current crop of city employees retires. We must start phasing in self-funded 401Ks immediately, or future retirement benefits will crush us.



22 votes
Idea No. 295