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How Prepared Are State and Local Workers for Retirement

Author

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  • Alicia H. Munnell
  • Jean-Pierre Aubry
  • Josh Hurwitz
  • Laura Quinby

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.

Suggested Citation

  • Alicia H. Munnell & Jean-Pierre Aubry & Josh Hurwitz & Laura Quinby, 2011. "How Prepared Are State and Local Workers for Retirement," State and Local Pension Plans Briefs ibslp22, Center for Retirement Research, revised Oct 2011.
    • Handle: RePEc:crr:slpbrf:ibslp22
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    File URL: http://crr.bc.edu/briefs/how-prepared-are-state-and-local-workers-for-retirement-2/
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