Supplemental Retirement Plans Offered by City and County Governments


Summary:

This new issue brief examines the structure and terms of supplemental savings plans offered by 20 cities and counties around the country.

Author(s):
Robert L. Clark, Melinda Sandler Morrill, Matthew Anderson, and Aditi Pathak of North Carolina State University
Publication date:
02/2014
Filed under:
Research Studies
Key findings:
  • Fifteen of the local government employers offer only one type of plan; all 20 local government employers in the study offer at least one 457 savings plan.
  • Most plans allow loans.
  • Employers match employee contributions in just four plans.
  • Employees need more financial literacy and good information about plans to make optimal decisions when they have more choices to make.
  • More choices for employees may not be better if the quality of the plans, in terms of fees and investment options, is inferior to the quality of a more restricted access model.
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Supplemental_Retirement_Plans_14-477