‘State’ of the pandemic: How government retirement plans are tackling COVID-19
With access to both a defined benefit plan and a defined contribution plan, many public sector employees are facing unique challenges during the COVID-19 crisis when it comes to their career and financial future.
The Empower Institute recently interviewed top representatives from the public retirement plans of Alabama, Kansas, Pennsylvania and Tennessee to see how they, as well as their members, are responding to the coronavirus outbreak. And as original Empower research shows, government plan sponsors are evolving on the fly and “getting creative” to help meet the ever-changing needs of participants.
In a world filled with so much uncertainty, it remains clear that government workers are looking for one important certainty as they move forward — reassurance.
- Individuals are seeking security of their pension benefit estimate and payments.
- Retirement savers are staying the course despite an unstable market.
- Plan administrators are adjusting their communication approach and promoting online resources.
- Government customers are relying on Empower to help distribute fundamental messaging.
The Empower Institute is a research group within Empower Retirement, LLC. RO1160631-0420