Most of the candidates believe there have to be changes in benefits offered. For some, that means changing benefits offered within the defined benefit plans now in existence, creating a two-tiered system. A defined benefit plan guarantees a qualified participant a pension payment for life, based on a pre-determined formula.
For other candidates, it means elimination of a defined benefit plan and replacing it with a defined contribution plan, like the 401(k) plans common among private sector employers. The amount of the retirement benefit depends on how much a person saves. It is not guaranteed.
Click on the following to read each candidate’s statement: Gubernatorial candidates all agree pension system needs serious work - Quad Cities Online
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