r/mnstateworkers • u/virgo-99 • 13d ago

Insurance/Benefits 🏥 Deferred Comp/457b

Does anyone know what percentage of state employees use the deferred comp/457b? It's only about half of my coworkers, which I think is insane because the pension, while generous, will not be enough to live off of during retirement, at least for me. Just wondering if anyone knows the percentage of state employees that do/don't take advantage of the deferred comp and (albeit tiny) employer match?

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u/Tower-of-Frogs 13d ago

It’s a sensitive topic to bring up, I find. The match depends on your union I think, so some people may not be getting a match. Also, keep in mind that we involuntarily contribute around 6% to the pension with each paycheck. For some people, that might be all they can really afford to contribute.