Washington, D.C., Oct. 05, 2022 (GLOBE NEWSWIRE) -- As U.S. state and local workers face growing financial and retirement challenges, Mission Square Retirement has launched a short financial knowledge quiz to help state and local government employees focus on the critical importance of financial education and retirement planning. In addition, Mission Square Retirement will host a series of online seminars with CERTIFIED FINANCIAL PLANNERS® throughout National Retirement Security Month on topics including financial planning basics, retirement income planning, estate planning, and long-term care.
Take the quiz here. Learn more about the seminars here.
“We know that far too many state and local workers face financial struggles, and high inflation is putting even more pressure on family budgets,” said Lynne Ford, CEO and President of MissionSquare Retirement. “Financial worries of employees can increase the workforce strains on state and local governments if workers feel compelled to leave their jobs for better compensation in the private sector.”
“But one strength of the public sector is strong retirement benefits, with most jurisdictions offering both defined benefit pensions and defined contribution plans. Together, these benefits not only provide economic security in retirement for public workers, they can serve as recruitment and retention magnets for government employers. National Retirement Security Month is an important time for both employers and employees to focus on the value of retirement benefits and how they strengthen the economic security of the public workforce.” Ford said.
In recent years, there has been an increased focused on the financial wellbeing of state and local government employees. Amid the COVID-19 pandemic and Great Resignation, more than half of state and local workers say they are inclined to leave their jobs, driven largely by a need for better pay and benefits. Moreover, some 44% of state and local workers reported that they and their family had been negatively impacted financially by the pandemic. When it comes to retirement, only 20% of state and local workers are extremely or very confident that their pension will cover all of their living expenses, and only 41% of public sector human resources professionals feel their employees are financially prepared for retirement.
MissionSquare Retirement also offers a full range of financial educational resources including:
- A Market Volatility Resource Center available here.
- A full array of Digital Resources for current plan participants available here.
- A Financial Wellness Center for current plan participants is available here.
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 mission-based, nonstock, nonprofit, financial services company with approximately $66.6 billion in assets under management and administration, focused on delivering retirement plans, investment options, and personalized guidance have helped more than three million people working in public service retire confidently. *
For more information, visit www.missionsq.org or follow the company on Facebook, LinkedIn, and Twitter.
*As of August 31, 2022
Emily Roy Prosek Partners for MissionSquare Retirement 518.867.1470 eroy@prosek.com
