How prepared for retirement are college and university faculty, and what influences their level of confidence?
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States and localities – which employ about 14% of the U.S. workforce1 – continue to face the residual effects of tax revenue decreases and pension fund investment losses resulting from the 2008-2009 recession.
During the economic doldrums that have followed The Great Recession, employees in the education sector (administrators, staff, and teachers or faculty at both the K-12 level and the post-secondary level) are confident about both their retirement savings behavior and their likely retirement outcom
Much has been written about the financial condition of pension plans and plan reform in the public sector, but little has been documented about public sector workers’ confidence, expectations and behavior with respect to retirement planning and saving.
Hospital workers are more likely than U.S. workers to be saving for retirement; 88% versus 59%, respectively.
Compared with U.S. workers in general, employees in the primary and secondary education sector tend to be more confident that they will have enough money to live comfortably throughout retirement.
Individuals in the higher education workforce are more likely than U.S. workers in general to be saving for retirement and to have calculated how much they need to accumulate.
K-12 employees are more confident than all U.S. workers that they will have a financially comfortable retirement. Greater confidence results, at least in part, from higher participation rates in retirement plans at work; almost 90% of K-12 employees participate in a plan.
This report examines retirement planning and saving among the public sector work force (employees of states, counties, cities, towns and other municipalities) and worker confidence in their retirement income prospects. Compared with U.S.