Public employers must provide disclosure of their pension plan obligations on their annual financial statements to the public, but the consequences of these disclosures are not yet fully realized. (Photo: Shutterstock)
The public sector is far-reaching, spanning many professions across government agencies, including schools, hospitals, research organizations and more. With such an extensive network of employees, the public sector retirement plan space touches far more individuals than one might first assume.
Historically, public employers have offered retirement plans through the defined benefit (DB) plan structure, which offered better than average benefits.
However, as the retirement industry evolves, so too do the benefits employers can offer their staff. Plan sponsors in the space must be strategic in their approach to appropriately navigate the changes while ensuring retirement security for their employees.
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