Newer and mid-career teachers don't know much about their pension and DC plans

With increasing class size, covid challenges, and a shortage of substitutes, some teachers may simply rely on the goodness of their retirement plan administrators.

By David Baumann | February 02, 2022 at 11:36 AM

Teachers may know reading, writing and arithmetic, but they don’t know enough about their retirement benefits, according to a new study.

“While most teachers knew how their benefits are determined and how long benefits will last, respondents do not appear to be aware of how much they contribute, their retirement eligibility ages, nor who contributes to Social Security,” the study, presented by the Sinquefield Center for Applied Economic Research at Saint Louis University said.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

Critical BenefitsPRO.com 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 Now

Dig Deeper

Recommended Stories

With target date funds facing scrutiny, where do plan sponsors go from here?

Kristen Beckman | March 30, 2023

Retirement income solutions have become more prevalent in employer 401(k) plans, but there’s still no industry consensus on how to develop guaranteed retirement income solutions, according to a new survey.

DOL’s ESG investing rule challenge alive, despite Biden veto

David Baumann | March 24, 2023

From an attempt to override the veto to a legal challenge by Republican state attorneys general in 25 states, the political issues surrounding Labor’s ESG rule will continue to swirl for the foreseeable future.

Self-directed 401(k) participants saw balances drop in 2022

Kristen Beckman | March 29, 2023

Even so, savers increasingly crave more choice when it comes to their investments - and plan sponsors and advisors should raise awareness about SDBAs for a more personalized, hands-on investing experience, says a new report.

Resource Center

Self-funded healthcare is a health plan strategy that offers a number of advantages to employers over fully insured health plans, including new opportunities for cost containment, increased transparency, greater flexibility and more control over health plan design--all of which are reviewed in this guide.

Guide

BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Exclusive discounts on BenefitsPRO.com and ALM events.