The responsibility of saving for retirement in the public sector is shifting from the employer to the employee in many jurisdictions.
“Society has now decided that the individual is responsible for their retirement plan,” Mike Guarasci, chief financial officer of ICMA-RC, said during a press briefing in New York. “We've shifted from defined benefit to defined contribution. Under defined benefit, you had professionals running the money, you had asset allocation and investment management run by professionals. Today you are your own CIO.”
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Emily Zulz
Emily joined the ThinkAdvisor team as a reporter in the summer of 2014. She previously worked as a reporter for The Daily Journal in Kankakee, Illinois for a year and as a reporter and editor for The Daily Eastern News in Charleston, Illinois for two and a half years. Prior to joining ThinkAdvisor, Emily worked on Groupon’s editorial team in Chicago as a fact checker for three years. She graduated cum laude with a BA in journalism from Eastern Illinois University, and she has been the recipient of two journalism awards for her news reporting at daily newspapers.
