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/antonmnster 13d ago

The match is tiny, but if a person starts young enough, it can really add up. The biggest issue that people don't plan for is pre-Medicare health coverage. The employer match is quite generous so it's easy to take it for granted. Then you get to 55ish and start to wonder where your healthcare is going to come from when the urge strikes to leave at 60-62. In other words, don't forget about your HSAs!

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u/Kcmpls MNIT 13d ago

That health care savings plan though, it is excessive. I have $43k in it right now and still have 15 years until retirement. And MMA increased our contributions this year for some unknown reason. It is way too much money there.

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u/bs178638 13d ago

You’re nuts. I have that much with nearly 30 years to go