When it comes to retirement savings, public employees are generally more optimistic than the population as a whole, according to a report released by the Pew Charitable Trust. Nonetheless, awareness of the features of their retirement plans tends to be on the low side. Many people perceive the employee benefits received by public workers as being better than the private sector. Because tax dollars are the source for the benefits and salaries of public workers, this element sometimes makes them contentious as well. Where states are facing fiscal challenges, some turn to the public sector retirement plans as part of the solution. Key findings from Preparing for Retirement: Top Findings from a Survey of Public Workers, include:
When you think about it, anything that increases certainty is highly valued by employees. Job security clearly fits in this category, but so does the preference for not changing the plan's design. Even the willingness to take a lower salary in exchange for higher retirement benefits is an indication that certainty is a key element.
Blog Author - Ken Felsher
With over 25 years of writing, editing, and research experience. I enjoy sharing with my readers my love of working with content on a variety of subjects.
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