Importance of Supplemental Retirement Savings Plans for City and County Employees


Summary:

This brief is the final in a three-part series that analyzes employee participation in primary and supplemental retirement plans, retiree health care benefits, and Social Security in 20 large cities and counties across the country.

Author(s):
Robert L. Clark, Melinda Sandler Morrill, Matthew Anderson, and Aditi Pathak
Publication date:
01/15
Filed under:
Research Studies
Key findings:
Key Findings:
  • All 20 local government employers in the study offer their employees the opportunity to contribute to a supplemental retirement savings plan. The most frequently offered plan is a 457 plan.
  • The characteristics of the primary retirement benefits are associated with the participation rates in supplemental plans.
  • Workers covered by less generous primary pensions are more likely to contribute to voluntary supplemental retirement plans.
  • City or county governments that give matching contributions, have multiple plans, and allow online enrollment also have higher participation rates in supplemental plans.
  • Supplemental retirement savings plans provide local government workers with shorter career tenures with an important opportunity to build retirement wealth.
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Importance of Supplemental Retirement Savings Plans for City and County Employees 01 15