Presentation about Retirement Benefits Survey

1. RReettiirreemmeenntt BBeenneeffiittss
PPrreesseennttaattiioonn bbyy:: DDaavviidd SSmmiitthh && RRhhoonnddaa PPeettrr
MMSSBBCC 661111 ** SSppaallddiinngg UUnniivveerrssiittyy

2. TTaabbllee ooff CCoonntteennttss
Methodology …………………………………………………slide 3
Survey Participation summary………………………..slide 4
Executive Summary…………………………………………slide 5
History of Previous Research………………………slides 6-7
Demographic Questions……………………………slides 8-10
Research Questions………………………………………slide 11
Survey Response Questions……………………slides 12-20
Limitations……………………………………………………slide 21
References…………………………………………………..slide 22

3. MMeetthhooddoollooggyy
Self-completed 17 question survey
provided to each response taker via the
Questionpro.com questionnaire
database program. A link to the survey
was provided to the respondents via
email and social media.

4. SSuurrvveeyy PPaarrttiicciippaattiioonn SSuummmmaarryy
Survey viewed by 145 people
116 people started the survey
83 people completed the survey
Completion rate of 71.55%
33 of the 116 that started the survey
dropped out
Average time to complete was 6 minutes

5. EExxeeccuuttiivvee SSuummmmaarryy
83 people completed the survey; of that, 78 responded to the
gender question. Results were 16 males and 62 females took
the survey. Over 79% of people who took the survey were
female.
28 out of 78 (35%) total respondents identified themselves as
working in the private sector; 46 (59%) work in the public
sector; 2 (3%) work in the non-profit sector; and 2 (3%)
answered n/a.
N=78 for total respondents who had employers that offered
retirement benefits. 81% answered yes, 17% answered no,
and 3% answered not sure.
N=77 for total respondents answering as to how satisfied are
you with the retirement benefits offered by your employer.
12% were strongly satisfied, 51% were satisfied, 10% were
dissatisfied, 5% were strongly dissatisfied, and 22% were
neither.

6. EExxeeccuuttiivvee SSuummmmaarryy,, CCoonnttiinnuueedd
Five (5) possible choices were offered as solutions to
remedy the underfunded retirement liability. One (1)
being the most favorite choice, and five (5) being the
least favorite.
The following were ranked as their overall 1st choice.
Require new employees to enroll in a 401K – 58% (37)
Raise current property taxes – 20% (13)
Change current benefits calculation – 17% (11)
Eliminate retiree healthcare benefits – 3% (2)
Eliminate retirement benefits for current employees – 2% (1)

7. HHiissttoorryy ooff PPrreevviioouuss
RReesseeaarrcchh
Karl and Sutton (1998) conducted a survey of 217
full time employees who were employed in various
jobs, including the public and private sector. Their
results indicated: “Employers need to keep in touch
with current employee values in order to design
jobs, reward systems, and human resource policies
that will result in maximum job satisfaction and
productivity.” These results also suggest that the
reward systems may not be equally effective in the
public verses the private sectors.

8. HHiissttoorryy ooff PPrreevviioouuss
RReesseeaarrcchh
According to Yau-De, Chyan, & Kuei-Ying (2012),
numerous studies have compared job satisfaction
in the public versus the private sector that
indicate mixed results. Overall these studies
reviewed by Yau-De, et al (2012) found that public
employees have an increased satisfaction in their
career/employment over employees in the
private sector.

9. DDeemmooggrraapphhiiccss

10. DDeemmooggrraapphhiicc QQuueessttiioonnss
What is your age?
What is your gender?
What is the highest level of education you
have achieved?
What is annual household income?
Are you in the Private, Public or Non-Profit
Sector?
Indicate the type of retirement benefits
your employer offers.

11. WWhhaatt iiss yyoouurr AAggee??
N=78 Figure 1

12. WWhhaatt iiss yyoouurr ggeennddeerr??
N=78 Figure 2

13. N=78
Highest LLeevveell ooff EEdduuccaattiioonn
Figure 3

14. N=78
AAnnnnuuaall HHoouusseehhoolldd IInnccoommee
Figure 4

15. Indicate if you WWoorrkk iinn tthhee PPrriivvaattee,,
N=78
PPuubblliicc oorr NNoonn--PPrrooffiitt SSeeccttoorr
Figure 5

16. Indicate the type ooff rreettiirreemmeenntt bbeenneeffiittss
yyoouurr eemmppllooyyeerr ooffffeerrss
N=78 Figure 6

17. RReesseeaarrcchh QQuueessttiioonnss
RQ 1: What is the level of satisfaction amongst
public and private sector employees with respect
to their retirement benefits?
RQ 2: What is the level of awareness of the
Commonwealth of Kentucky’s pension plan
funding situation among Kentucky Residents?
RQ 3: What is your attitude toward different
solutions to address the Commonwealth of
Kentucky’s pension fund shortfall?

18. SSuurrvveeyy RReessppoonnssee QQuueessttiioonnss

19. DDooeess yyoouurr eemmppllooyyeerr ooffffeerr
rreettiirreemmeenntt bbeenneeffiittss??
N=78 Figure 7

20. How satisfied aarree yyoouu wwiitthh tthhee rreettiirreemmeenntt
bbeenneeffiittss ooffffeerreedd bbyy yyoouurr ccuurrrreenntt
eemmppllooyyeerr??
N=77 Figure 8

21. Where do you bbeelliieevvee tthhee rreettiirreemmeenntt ffuunnddiinngg
lleevveellss aarree ffoorr cciittyy,, ccoouunnttyy,, aanndd CCoommmmoonnwweeaalltthh ooff
KKeennttuucckkyy ssttaattee eemmppllooyyeeeess??
N=78 Figure 9

22. How confident aarree yyoouu tthhaatt tthhee CCoommmmoonnwweeaalltthh
ooff KKeennttuucckkyy’’ss eemmppllooyyeeee’’ss rreettiirreemmeenntt bbeenneeffiittss
ffuunnddss ffoorr cciittyy,, ccoouunnttyy,, aanndd ssttaattee eemmppllooyyeeeess hhaavvee
bbeeeenn pprrooppeerrllyy mmaannaaggeedd??
N=78 Figure 10

23. Assuming the Commonwealth ooff KKeennttuucckkyy eemmppllooyyeeee’’ss
ppeennssiioonn iiss uunnddeerrffuunnddeedd,, pplleeaassee iinnddiiccaattee wwhhiicchh oorrddeerr yyoouu
wwoouulldd pprreeffeerr ttoo rreessoollvvee tthhee iissssuuee.. PPlleeaassee rraannkk yyoouurr
cchhooiicceess ffrroomm 11--55 ((11 bbeeiinngg yyoouurr ffiirrsstt cchhooiiccee aanndd 55 bbeeiinngg
yyoouurr llaasstt..))
N=none due to ranking question Figure 11

24. LLiimmiittaattiioonnss
Time constraints
Inability to reach total population of
Kentucky due to budget and
accessibility
Electronic survey forum (created
problems for survey takers to
successfully complete survey)

25. RReeffeerreenncceess
Karl, K. A., & Sutton, C. L. (1998). Job values in
today’s workforce: A comparison of public and
private sector employees. Public Personnel
Management, 27(4), 515.
Yau-De, W., Chyan, Y., & Kuei-Ying, W. (2012).
Comparing public and private employees’ job
satisfaction and turnover. Public Personnel
Management, 42(3), 557-573.