New Research Finds Pension Plans Alone Often Don't Provide Retirement Income Adequacy for State and Local Government Employees

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WASHINGTON, Dec. 8, 2022 /PRNewswire/ -- A first-of-a-kind analysis finds that retirement is growing more challenging for public sector workers. State and local employees in a typical public defined benefit (DB) pension plan need to save about four to six percent of their salary on their own to ensure adequate retirement income. The report also finds that defined contribution (DC) plans provide less retirement income than DB plans in a typical cost-equivalent conversion for career employees.