Fargo mulls 401K plans for new city employeesFargo, ND (WDAY TV) - A heated discussion at city hall about a Fargo city commissioner's proposal to change city employee retirement plans.
By: WDAY Staff Reports, WDAY
A heated discussion at city hall about a Fargo city commissioner's proposal to change city employee retirement plans. Commissioner Dave Piepkorn wants a 401K style plan for any new employee as of January 1st, 2012, in place of a pension, but the proposal wasn't voted on. Instead commissioners voted to set a schedule for informational meetings on the retirement plans. Piepkorn feels his proposal is being deliberately postponed. Mayor Walaker is concerned about pitting fire, police and public workers against each other.
Dr. Tim Mahoney – City Commissioner:: "I'd just be curious why you're pushing this so hard and I also want to know some disclosure since I get asked who I’m emailing to or who you're emailing to and whether this is politically motivated or if something else is going on."
Dave Piepkorn – City Commissioner: “This is no political motivation at all my job is to look out for the financial best interest of our city.”
Fargo taxpayers will pay over a million dollars in 2012 in a one-time payment to boost the pension fund after stock market losses.