During America Saves Week, MissionSquare Reaffirms Dedication to Strengthening the Economic Security of Public Service Employees
February 27, 2023
During America Saves Week, MissionSquare Retirement reiterates its commitment to supporting the financial health and retirement goals of the public service workforce. This commitment is all the more important given that new groundbreaking research from MissionSquare Research Institute finds 81% of public service employees worry whether they will have enough money to last through retirement.
Read about America Saves Week.
"The financial security of the public service workforce is a growing concern across the nation," said Lynne Ford, CEO and President of MissionSquare Retirement. "These are the people in our neighborhoods who keep us safe, ensure we have clean drinking water, and deliver services to the vulnerable and elderly. We rely on these public workers for essential services around the clock, so it's in our collective best interest to ensure they can focus on their work. The last thing we need is job distractions triggered by financial and retirement savings worries among public workers," Ford explained.
"Unfortunately, gone are the days when public service employees can rely solely on their defined benefit pension for a secure retirement. Housing and medical costs continue to soar, and employees in some states are seeing pension benefit reductions. A growing body of research indicates public service employees are wise to supplement their pensions with defined contribution savings accounts like 403(b) and 457(b) plans. Most public service employees have access to these savings plans, but many are not fully utilizing supplemental saving accounts. America Saves Week offers an opportunity to re-focus on savings and retirement security," Ford said.
A recent report from MissionSquare Research Institute finds that many public service employees face financial struggles. Some 14% of all households employed in the public sector indicated that they could not pay all their bills, and close to one-fifth reported skipping health care because they could not afford it. Also, nearly one in three public employee households would have trouble coming up with $400 in an emergency. But the research also finds state and local employers are well-positioned to strengthen the financial security of the public workforce via key benefit offerings.
Other research finds that automatic enrollment in supplemental retirement saving plans (SRPs) for public employees makes a difference. In South Dakota, initial SRP participation rates were 85 percentage points higher for employees automatically enrolled as compared to those working at agencies lacking automatic enrollment.
MissionSquare Retirement also offers a full range of financial educational resources including:
- A Market Volatility Resource Center.
- A full array of Digital Resources for current plan participants.
- A Financial Wellness Center for current plan participants.
About MissionSquare Retirement
MissionSquare Retirement is dedicated to guiding those who serve our communities toward a secure and confident financial future. Founded in 1972, MissionSquare Retirement is a financial services company with approximately $65 billion in assets under management and administration.* The company is focused on delivering retirement plans, investment options, and personalized guidance exclusively to the public service sector.
For more information, visit www.missionsq.org or follow the company on Facebook, LinkedIn, and Twitter.
*As of December 31, 2022. Includes 457, 401, 403(b), Retirement Health Savings (RHS) plans, Employer Investment Program (EIP) plans, affiliated IRAs, and investment-only assets. Includes assets under administration and management by MissionSquare with its subsidiaries.