Management & Operations

NJ Transit gives employees 401(k) plans

Posted on April 25, 2006

In order to save money and improve worker benefits, the New Jersey Transit Corp. will begin offering new employees 401(k) retirement plans starting July 1.

The shift comes in the face of increased publicity on the high cost of pensions and benefits. Most 401(k) plans offer workers fewer guarantees but are less expensive than traditional pension plans.

The shift will apply only to workers who are not part of employee unions, but members of unions will have the option to switch into the 401(k) system.

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