Archive: Kevin Wandrei
The brief’s key findings are: At the outset of the pandemic recession, many feared it would undermine workers’ employer-sponsored retirement plans. State and local employees who are not covered by Social Security would have been particularly vulnerable, as they lack the buffer this program offers. Their employer defined benefit plans would have been hurt by…
Abstract Federal law allows certain state and local government employees to be excluded from Social Security if they are covered by an employer pension of sufficient generosity. As a result, approximately one-quarter of state and local workers are not covered by Social Security on their current job. Before COVID-19, these “FICA replacement plans” all satisfied…
