A new retirement plan for city workers

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The Memphis City Council has approved a new retirement plan for city workers.

This controversial vote comes just six months after the council changed those workers health benefits too.

The plan is a hybrid of a 401k-style plan, and a professionally-managed plan.

But the difference with this 401k-style plan, as opposed to many others, is Memphis workers do not draw on Social Security once they retire.

The newly approved plan only applies to new hires and workers with less than seven-and-a-half years of service when it takes effect in January of 2016.

Edmund Ford, Jr., is among the nine council members who voted for the plan, a plan the firefighters' union and its president, Thomas Malone, are against.

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