Report: More MN Gov’t Workers Retiring
The anticipated bump in state government worker retirees may be seen this year, due in large part to early retirement incentives, according to a report by the Pioneer Press.
More than 2,500 state government workers are reportedly expected to retire this year, up about 21 percent from 2,058 last year, the St. Paul newspaper reported.
Although a jump in retirees is not a new phenomenon-there has been a trend of increasing retirees for the past decade save for a dip in 2009 during the recession-the 21 percent increase is significant, and something that demographers have been predicting due to Baby Boomers entering their mid-60s.
Citing information from a number of state offices, the Pioneer Press reported that the uptick in retirees can be attributed to a variety of factors-including a recovery of 401(k) funds, frustration with portions of budget debates that some perceive as containing anti-government employee sentiments, and attractive retirement packages.
There were an estimated 32,000 to 33,000 executive branch employees eligible for an early-retirement deal, and 1,008 workers took advantage of the offer. Out of the 5,000 University of Minnesota employees who were eligible for early retirement packages, about 330 took the deal. And about 1,000 workers in executive, legislative, and judicial positions took advantage of an early retirement package that the Legislature passed in 2006 and has extended several times.