Retirement Security: A Moving Target


Summary:

Because newer hires will need to work longer and save more to reach their retirement goals, local governments are taking more initiative to help employees save.

Author(s):
Elizabeth Kellar
Publication date:
November 2015
Filed under:
Articles
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Because newer hires will need to work longer and save more to reach their retirement goals, local governments are taking more initiative to help employees save, writes Elizabeth Kellar, SLGE President and CEO in the November issue of PM Magazine.  She explains that some local governments have set up automatic enrollment for supplemental retirement plans to make it easier for employees to save.  She also describes the retirement income calculator that the city of Los Angeles developed to help employees see what the gap is between their pension income and their retirement income goal.  Preliminary data from participants has shown that employees are making gradual increases in their supplemental savings plan as they gain more years of experience.