At workerfreedom.com, the Illinois Policy Institute provides an interactive tool for government workers to explore what 401(k)-style pension reform could mean to them. At the website, a government employee in Illinois can input their age, occupation, number of working years, and current salary to calculate what the annual retirement benefit he or she would receive with the new 401(k) plan. Through the tool, the site demonstrates the viability of a 401(k) plan in delivering retirement security, compared to the heavily unfunded defined-benefit counterparts.
Besides the interactive tool, the website also supplies key facts and arguments about 401(k) plans. One can find a video explaining the workings of a 401(k) plan and a dedicated section that debunks several major myths about defined contribution systems.
To use the tool and access the website, go here.
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