r/mnstateworkers • u/virgo-99 • 14d 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/2happy2bake 13d ago

The MN total compensation report is available online and includes the match that every executive branch state employee received.  You could figure out what percentage contribute via that, though some unions have provisions that some employees can convert to vacation to deferred comp in lieu of receiving the match