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What Share of Noncovered Public Employees Will Earn Benefits that Fall Short of Social Security?

Jean-Pierre Aubry, Siyan Liu, Alicia H. Munnell, Laura D. Quinby and Glenn Springstead

Working Papers, Center for Retirement Research at Boston College from Center for Retirement Research

Abstract: Social Security is designed to serve as the base of retirement support, to be supplemented by employer-sponsored plans. However, approximately one-quarter of state and local government employees – currently, around 5 million workers annually – are not covered by Social Security on their current job. Federal law allows these noncovered workers to remain outside of Social Security if their state or local plan provides comparable benefits. Since many public pensions have grown less generous in recent years, determining whether state and local plans currently provide comparable benefits is important.

Pages: 37 pages
Date: 2022-04
New Economics Papers: this item is included in nep-age and nep-ias
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