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Finances » Pensions

Why It's Important

Employer-provided pension plans, which provide a voluntary mechanism for workers to save for retirement, are key components of the nation's multi-faceted retirement income security system. Income from such plans is an important factor in determining whether retirees can maintain their pre-retirement standard of living. Most workers lack pension coverage because their employers simply do not sponsor a plan.

See Data By: Richmond MSA | Virginia | National

How Richmond Is Doing

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How Virginia Is Doing

The State and Local Pension Data includes comprehensive information on public plans. These data build on different resources to provide an expanded and consolidated source of public pension information. The data include primary defined benefit plans, primary defined contribution plans and a sample of municipal plans.

How the U.S. Is Doing

According to a 2008 survey by MetLife:

Widespread misconceptions about pension issues put retirees at risk of outliving their assets.
Respondents typically overestimated the amount of retirement savings that could be withdrawn each year while still maintaining the principle; many underestimate how much pre-retirement income will be needed during retirement.
Pre-retirees are more aware of the danger of outliving their assets than were pre-retirees surveyed in 2003.

(MetLife MMI, MetLife Retirement income IQ Study, 2008)