HIRINGS
Troy (Mich.) Retirement System froze its $120 million defined benefit plan for some groups of new employees effective Jan. 1 and hired ICMA Retirement as investment adviser for a new defined contribution plan, said John Lamerato, assistant city manager of finance.
Current employees will have the choice of switching to the new retirement plan and Mr. Lamerato expects about $50 million to flow in.
Already, the firefighters union agreed to let new employees be covered by the defined contribution plan. The city is working on a similar agreement with other unionized workers and an arrangement for non-unionized city employees, he said
