Summary
West Haven Mayor John M. Picard's Forum article, "West Haven Council spits on a victory," stated that in 20 years, the city has spent more on the police pension than the 401(k) for other city employees. A 401(k) must be fully funded, whereas the pension fund was not, until it was bonded. The city used the money set aside for the police pension fund for operational expenses, so payments were doubled.
After bonding the pension in 2002, the city paid more every year for the 401(k), Social Security and disability insurance policy than the contribution to the pension fund.See the full content of this document
Extract
Fault Mayor for Not Doing Homework?
Implementation of a 401(k) would require the police to be...
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