Without an accurate picture of employee retirement readiness, identifying optimal plan design remains an educated guess. In order to enhance their 457(b) and 401(a) plans’ investment offerings and participant services – and ultimately improve employees’ financial health and retirement readiness – Alameda County, CA set out to conduct a detailed study quantifying the income replacement ratio of its active employees.
Using data from County pension projections, Social Security estimates, and current 457(b) and 401(a) account balances and contributions, the County was able to gain a clearer picture of their employees’ benefits needs.
The income replacement study’s findings allowed Alameda County to build a custom “do-it-for-me” solution optimized for employees’ actual circumstances, versus industry-standard assumptions.
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- August 1, 2022 Create Date
- August 31, 2023 Last Updated
