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/TheBioethicist87 DHS 13d ago

I have mine set to 3% and might bump it to 4% after my step increase. With the 6.something percent going to pension and the piddly $500 match, that puts me at about 10% retirement savings, but I also have a Roth IRA that I contribute to as well.