Wayne County 401K's

**softailrider** · October-22-11, 11:26 PM

I can't believe that i read something about Wayne County giving a five to one match for 401 K contributions.

Ummmmm, isn't that [[or wasn't that) kind of on the insane side of high? I've never heard of matching contributions that strong.

How could they get away with that and not be questioned?

**Wesley Mouch** · October-23-11, 04:30 AM

The single most important thing that needs to be done with public employee compensation, is to make it 100% public. If you work for a municipality, your wage information should be available on-line. The people funding your check should be aware. And how about having voters vote to 'ratify' union contracts! That'd be fun to watch. Oh, and also approval of executive pay packages while we're at it. It'd only be fair.

**gnome** · October-23-11, 05:32 AM

It should be interesting to watch this Recall Ficano movement. I am not sure as to its status, but the timing isn't good. Not enough time to get it on the November ballot so unless there is a special election, that means it can't happen until the spring. Spring elections suffer from very poor turnout and I can imagine the Ficano Machine going into hyperdrive to control the outcome.

**Lowell** · October-23-11, 08:00 AM

Originally Posted by softailrider

I can't believe that i read something about Wayne County giving a five to one match for 401 K contributions.

Ummmmm, isn't that [[or wasn't that) kind of on the insane side of high?

If the contribution limit is $1, it isn't.

Does anyone know what the limit is?

**jackie5275** · October-23-11, 07:18 PM

Originally Posted by softailrider

I can't believe that i read something about Wayne County giving a five to one match for 401 K contributions.

Ummmmm, isn't that [[or wasn't that) kind of on the insane side of high? I've never heard of matching contributions that strong.

How could they get away with that and not be questioned?

It depends on what retirement plan you're in. Those in the executive service plan, aka the appointees, got it right away from the start of their employment. Ficano stopped that last week. Some others in the rank & file got it as a negotiated benefit in their union contracts. However, you wouldn't get it unless you had 20 years of seniority, and then it was only for the number of years you had over 20. For example, if I had 25 years, I would only get the 5-1 match for those 5 yrs. Additionally, it's only for those in that particular retirement plan. The County right now has 6 different retirement plans for employees. What plan you're in is determined by when you hired in. I, for one, am not in the plan with the match.

**jackie5275** · October-23-11, 07:21 PM

I can't get the edit function to work on my PC tonight for some reason, but I also wanted to say that this plan started sfter I hired in & has since been closed to new hires.

**Cincinnati_Kid** · October-23-11, 10:42 PM

For some reason County and City workers for any municipality get better fringes than other workers. But people want to complain about what auto workers make. You hear all the time about a police chief retiring and getting a $80 to $100,000 a year pension, he's getting paid like he's still working. It's ridiculous.

**DetroitPlanner** · October-24-11, 07:32 AM

it totals $15,000. Therefore an employee can put in $2,500 and its worth $15,000. That is pretty generous, far more so than if they had a normal pension.

**SWMAP** · October-24-11, 09:05 AM

I agree, Cincinnati. I note the contempt expressed today in the Free Press toward D-DOT drivers that get paid for the time they are sitting around waiting for their coaches to be fixed [[no parts, no credit to buy parts no mechanics -somehow its the drivers fault and they should take the hit). The end of the world! Yet also note that the drivers average an amazing $37,000 a year salary with overtime. The corruption of the working man, his hand in the till - it must be stopped with a heavy hammer!