Arlington (Va.) County is setting up a 401(a) plan to supplement its $1.2 billion defined benefit plan, effective Jan. 1, said Bruce O. Kallos, administrator. The new plan will have an initial $15 million contribution from the county for past-service credit. All employees can participate in the new plan; the county will contribute 2% of pay for general employees, and 1% for uniformed employees, who receive higher pensions in the other plan. Employees also will be able to contribute after-tax money, Mr. Kallos said.
Aetna Financial Services is the bundled service provider for the plan, which has about 20 investment options and offers participant education.