Public Sector Pensions at Risk, Study Finds
The majority of public sector workers rely on pensions for retirement income, but the promise of pensions is at risk according to a report from Prudential Retirement.
According to Prudential Retirement’s study, two thirds of public sector workers say their decision to pursue a career in the public sector was influenced by the benefits of a public pension plan. But, the report says the U.S. government is facing a possible payout shortfall of $3.4 trillion and employers may not be able to deliver on promised benefits to employees.
The study says public sector employees need to act now before it’s too late, but only one third of public sector workers currently consult a financial advisor.