US - New York City mayor Michael Bloomberg has signed a tentative agreement with the United Federation of Teachers (UFT) to modify the current legislation on pensions, which will see newly-hired UFT members pay higher pension contributions.
Under the agreement, new employees would make a 4.85% pension contribution for 27 years and 1.85% thereafter, up from the current 4.85% contribution for 10 years and then 1.85% through 27 years. A...
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