Retirees rely on supplemental retirement plans.

• Position: News & Numbers - Brief article

As many local governments have reduced the level of pension benefits they provide to new hires, the importance of boosting savings through supplemental retirement plans has grown, yet very little is known about these plans.

A new issue brief from the Center for State and Local Government Excellence, Supplemental Retirement Plans Offered by City and County Governments, examines the structure and terms of supplemental savings plans offered by 20 cities and counties around the country.

The report's key findings include:

* Fifteen of the local government employers offer only one type of plan; all 20 local government employers in the study offer at least one 457 savings plan.

* Most plans allow loans.

* Employers match employee contributions in just four plans.

* Employees need more financial literacy...