Magazine article Public Management

A History of Building Retirement Security in the Public Sector

Magazine article Public Management

A History of Building Retirement Security in the Public Sector

Article excerpt

It's our birthday! And we are extremely proud and excited to be celebrating 35 years of building retirement security for public sector employees.

Today, the retirement planning industry is booming with many companies that, along with us, offer retirement savings plans to millions of employees across the nation. In 1972, the situation was different.

At that time, a group of ICMA leaders recognized that many of their members were retiring without the financial resources they needed after they left public management service. Because the members often changed employers several times during their careers, these dedicated professionals were unable to put together a sufficient number of years under a single employer to qualify for a pension through defined benefit programs.

In many cases, managers, after long and successful careers, stepped into retirement with limited benefits. It was then that ICMA decided to change the rules. With a grant from the Ford Foundation, ICMA created ICMA Retirement Corporation and the future of retirement saving in the public sector changed forever. Today, ICMA-RC has grown to more than 700,000 participants in 7,000 plans, from just a single participant in a single plan. As of March 2007, ICMA-RC manages and administers more than $28 billion in retirement savings assets.

In the 35 years of ICMA-RC's service to the public sector, our mission has been to help our participants build retirement security and to simplify retirement plan administration and education for employers. As the only financial services corporation created by the public sector for the public sector, we take pride in our mission and our values of independence, integrity, and excellence. …

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