MissionSquare Retirement Offers Financial Knowledge Seminars, Gamification, and Resources for the Public Sector Workforce During National Retirement Security Month

October 5, 2022

As U.S. state and local workers face growing financial and retirement challenges, MissionSquare 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, MissionSquare Retirement will host a series of online seminars with CERTIFIED FINANCIAL PLANNER^™ professionals throughout National Retirement Security Month on topics including financial planning basics, retirement income planning, estate planning, and long-term care.

“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 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.
• A full array of Digital Resources for current plan participants.
• A Financial Wellness Center for current plan participants.