Distributed on behalf of the Office of the State Comprtoller.
There are nearly 600,000 working people in Connecticut without access to workplace-based retirement savings, and that number is growing. This is a very serious problem, not only for those individuals and families forced to delay retirement indefinitely, but for our entire state economy.
Even state employees who may be eligible for a pension upon retirement cannot rely on that pension income alone for retirement security. The average state pension is approximately $36,826 – below the state’s annual living wage.
That’s why it is so important for state employees to consider contributing to the state’s voluntary retirement savings program – and it’s why we are announcing a survey today for all state employees.
The purpose of this survey (strictly anonymous) is to understand how the state can address any obstacles that may prevent employees from participating in the state’s 457 or 403(b) voluntary retirement savings program. We want to ensure that all eligible employees are informed about the opportunity to participate in the plans, and to address any disparities that may exist.
Consider this: More than 30,844 state employees who are eligible to contribute to retirement savings are not contributing! Significantly more women, ages 25 through 54, are eligible and not participating in the plan. This is a concern because women, on average, live longer and will need more retirement savings than men.
We hope to improve retirement savings rates across the board in Connecticut by learning more about what obstacles may be preventing participation – and what efforts have worked to encourage those who are participating.
Whether you are participating in a savings plan or not, please take the short survey below. Your responses to these questions, strictly anonymous and requiring only approximately five minutes, will help us to better provide retirement savings opportunities to all eligible state employees.
Thank you for taking the time to participate!
[Take the survey now]
For more information, contact: Human Resources at hr-communications@uconn.edu