ALOM Retirement Plan Solutions
According to the U.S. Department of Commerce, Americans save, on average, only 4% of their incomes, and should save three times that amount to maintain a comfortable retirement. Are you retirement ready?
Allegheny League of Municipalities (ALOM) member municipalities and affiliates are afforded a unique opportunity to participate in a Deferred Compensation Plan that serves as an outstanding avenue for employees to save for retirement during their wage-earning years.
Managed via a partnership with Prudential, the ALOM administered plan currently holds over $200 million dollars in assets and was designed with your employees’ unique financial needs and retirement goals in mind. It’s a Plan that offers a wide variety of benefits and investment choices, including an extremely competitive Guaranteed Interest Account which is a competitive fixed rate. Click here for an informational sheet about Prudential.
Why Do I Need ALOM Retirement Solutions?
- 43 percent of households incorrectly predict their retirement readiness
- Only 17 percent of Public Sector Employees are ‘very confident’ that they will not run out of money in retirement. – Click here to read more.
- Pension enhancement can attract and retain better employees, reducing new employee training costs; and 47 percent of Public Sector Employees say that at-risk pensions influence their commitment to a public sector career
Financial Wellness in the Public Sector
In March 2017, The Economist Intelligence Unit (EIU) conducted a survey sponsored by Prudential that explored the financial realities of public sector employees. The questions focused on their financial literacy, attitudes toward pensions, approaches to financial planning and ability to fulfill their aspirations.
The survey found that, for most, the robust public service pension was a significant determinant in a public sector career choice—and that many are now deeply worried about their future financial security. The survey also uncovered a disconnect between the confidence people express in their grasp of financial affairs and their actions: Most have taken just rudimentary steps to safeguard their long-term financial well-being.
But the data suggests that those who draw more heavily on outside expertise are substantially better positioned than their colleagues to face the future confident in their financial security. Their example may help other public servants plot a path to a successful retirement. Click here to read the Executive Summary of the Survey Data Results
What is a 401(a) plan?
In some respects, a 401(a) plan is similar to 401(k) plans commonly available to government employees. It allows for a combination of employee and employer contributions should you offer a match or employer contribution.
What is a 457 plan?
A 457 is a type of retirement savings plan that allows employees to defer a portion of their pay to meet long-term supplemental savings objectives that their pension alone might not achieve.
Current plan participants – click here for resources and tools.
Prospective plan participants – click here to learn more.