Most public servants do not know how much they need to save for retirement and have not saved specifically for retiree medical expenses, according to a new report from the TIAA Institute and the Center for State and Local Government Excellence, "2016 Retirement Confidence Survey of the State and Local Government Workforce." The report examines the employment and retirement planning and saving experiences of state and local government workers, as well as their confidence in their retirement income prospects.
The report's major findings include:
* One-third of public sector employees have been with their current employer for less than 10 years, and one-third for 20 years or longer. Approximately two-thirds do not expect to leave their current employer anytime soon.
* Health insurance, retirement benefits, job security and salary are the most important job elements public sector workers would consider in deciding whether to switch employers.
* Two-thirds of employees expect to receive retiree healthcare benefits from an employer when they retire; among these, one-quarter reported changes to their benefits over the past two years.
* Most public servants do not know how much they need to save for a comfortable retirement, nor have they planned and saved specifically for medical expenses in retirement.
* Forty-four percent are very confident that they will receive all of the retirement plan benefits...