The city of Detroit is in the early stages of considering converting part of its $4 billion-plus defined benefit plan to a defined contribution plan, said Valerie L. Johnson, finance director.
``Some subset of all city workers, possibly elected officials, appointees and non-union workers, may be moved over to a defined contribution plan. Union employees might be added, depending on their collective bargaining agreements. We are still deciding who might be covered by a new defined contribution plan, what the plan will look like - we're collecting information,'' said Ms. Johnson.
The city is searching for a firm to provide consulting on potential plan design now and record keeping and investment management later. RFPs are due Aug. 29.