How Prepared Are State and Local Workers for Retirement

Alicia Munnell, Jean-Pierre Aubry, Josh Hurwitz and Laura Quinby

State and Local Pension Plans Briefs from Center for Retirement Research

Abstract: A widespread perception is that state-local government workers receive high pension benefits which, combined with Social Security, provide more than adequate retirement income. The perception is consistent with multiplying the 2-percent benefit factor in most plan formulae by a 35- to 40- year career and adding a Social Security benefit. But this calculation assumes that individuals spend enough of their career in the public sector to produce such a retirement outcome. This brief summarizes th e results of a paper that uses Health and Retirement Study (HRS) and actuarial reports published by state and local pension systems to test the hypothesis that state-local workers have more than enough money for retirement.

Pages: 14 pages
Date: 2011-10, Revised 2011-10
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Related works:
Working Paper: How Prepared are State and Local Workers for Retirement? (2011)
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