Seven Recommendations for Retirement Plan Health
Seven steps that policy leaders can take to ensure that their retirement plans are in good shape:
- Get the facts. Publicplansdata.org is a free resource with data on more than 150 state and local plans. Quick facts on pensions at the national, state, and plan level are provided as well as downloadable source documents. An interactive data browser also allows users to do their own analysis and comparisons.
- Remember that the retirement plan is important to recruiting and retaining employees when making changes. For career employees, consider what retirement income will be needed so employees can remain financially independent in retirement.
- Ask your plan administrator and actuary to give annual briefings.
- Have a plan to achieve full funding and pay the full employer contribution every year.
- Think long term. Use long-range financial forecasts to assess affordability and remember that small changes now can pay big dividends over time.
- Accumulate reserves.
- Communicate! Keep employees and the public fully informed.