A private-sector worker would have to retire with a 401(k) balance of $768,940 to match the retirement income of an average career state government employee.
That is one of the key findings of a new study by Andrew Biggs, a pension and Social Security expert at the American Enterprise Institute, a free-market oriented think tank.
The study compared total retirement income for full-career state employees, including both pensions and Social Security income (where applicable) among the 50 states, but more critically in relation to career private-sector workers, and found an inequitable distribution of income in favor of government employees.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
