Website for Government Workers to Learn More About 401(k)s
Photo 2296014 © Karenr - Dreamstime.com

Commentary

Website for Government Workers to Learn More About 401(k)s

At workerfreedom.com, the Illinois Policy Institute provides an interactive tool for government workers to explore what 401(k)-style pension reform could mean to them. At the website, a government employee in Illinois can input their age, occupation, number of working years, and current salary to calculate what the annual retirement benefit he or she would receive with the new 401(k) plan. Through the tool, the site demonstrates the viability of a 401(k) plan in delivering retirement security, compared to the heavily unfunded defined-benefit counterparts.

Besides the interactive tool, the website also supplies key facts and arguments about 401(k) plans. One can find a video explaining the workings of a 401(k) plan and a dedicated section that debunks several major myths about defined contribution systems.

To use the tool and access the website, go here.

Stay in Touch with Our Pension Experts

Reason Foundation’s Pension Integrity Project has helped policymakers in states like Arizona, Colorado, Michigan, and Montana implement substantive pension reforms. Our monthly newsletter highlights the latest actuarial analysis and policy insights from our team.