The State That Eliminated Pensions and Wants Them Back
At a time when state and local governments are struggling to attract and retain employees to deliver vital taxpayer services, a new national poll finds that retirement and healthcare benefits are critically important job features, more so than salary. These benefits are viewed as a powerful recruitment and retention tool, with nearly all state and local workers (93 percent) saying that pensions incentivize public workers to have long public service careers, and 94 percent agreeing that a pension is a good tool for both attracting and retaining employees.
These findings are contained in new research, State and Local Employee Views on Their Jobs, Pay and Benefits. The findings are published by the National Institute on Retirement and based on research conducted by Greenwald & Associates. NIRS also has published three professions fact sheets that provide a deeper dive on the views of teachers, firefighters and law enforcement professionals.
The research also finds that cutting benefits could have severe workforce consequences. Some 73 percent say they would be more likely to leave their job if their pension were cut, and 79 percent say they would be more likely to leave their job if their healthcare benefits were cut. Also, nearly all (92 percent) state and local employees say eliminating pensions for the public workforce will weaken governments’ ability to attract and retain qualified workers, while the vast majority say eliminating pensions would weaken public safety and the U.S. education system.
And in contrast to conventional wisdom that Millennials are “dissatisfied job hoppers,” the research finds that 84 percent of Millennials working in state and local government are satisfied with their current job. Nearly three-fourths (74 percent) say a pension benefit is a major reason they chose a public sector job, while 85 percent say they plan to stay with their current employer until they are eligible for retirement or can no longer work.
The key research findings are as follows:
The State That Eliminated Pensions and Wants Them Back
The State That Eliminated Pensions and Wants Them Back
Contrary to popular belief that Millennials and Generation Z employees are constantly switching jobs, new research from the National Institute on Retirement Security finds that younger workers today show job retention patterns that closely mirror previous generations at the same stage of their careers.
The National Academy of Social Insurance, AARP, the National Institute on Retirement Security, and the U.S. Chamber of Commerce have released a new report detailing American’s views of retirement, Social Security at 90: A Bipartisan Roadmap for the Program’s Future.
As Social Security approaches its 90th anniversary, a new report from the National Institute on Retirement Security finds that public support remains strong for Social Security, and Americans become more confident in Social Security as they age.