Broadcast Retirement Network’s Jeffrey Snyder discusses the state of federal workers’ retirement plans with Craig Copeland of the Employee Benefit Research Institute.
Jeffrey Snyder, Broadcasting Retirement Network
I’m joined now by Craig Copeland from the Employee Benefits Research Institute. Craig, it’s great to see you. Thank you for joining us this morning.
Oh, thanks for inviting me. And, you know, I guess for the audience’s benefit, we’ve had Ibrahim before. You, for decades, have provided excellent research in detail.
That is why it is a privilege to have you representing the organization. Let’s talk about a recent retirement confidence survey. I’m really interested in those results.
And what can it tell us about how federal workers perceive their retirement prospects? Do they have confidence?
Craig Copeland, PhD., Employee Benefits Research Institute
They seem to have a little more confidence in general. Generally, up until this last year there were a lot of things that changed because the government programs were very, very good programs compared to what you would see in the private sector in most cases. But there is some concern about how management has been taking different approaches to keeping and not keeping employees.
That has changed comfort more recently. But overall, they are as well on track as anyone to be prepared for retirement. Then when you look at people in the private sector.
Jeffrey Snyder, Broadcasting Retirement Network
Yeah, well, it’s certainly understandable. I mean, you can’t help but read some of the challenges. I could empathize with that because if I were facing a job cut or a layoff, you know, I would be very worried about my short-term and long-term prospects.
But Craig, there are a lot of benefits when you think about the federal workforce. Some have pensions or many have pensions, but they also have the thrift savings plan, which is like the largest defined contribution plan in the world. Therefore, there are many rich retirement benefits available to these people in connection with their employment.
Craig Copeland, PhD., Employee Benefits Research Institute
Good. I mean, they’ll have, you know, depending on what plan they’re in, but at least they’ll have some minimum annuity payment benefit plus a fairly generous defined contribution through a savings plan that allows them to be better prepared and be able to accumulate assets and then also have an income benefit along with what they would get from Social Security for those in the newer plan.
Jeffrey Snyder, Broadcasting Retirement Network
Yeah, I mean, probably, you know, if you compare apples to apples in the private sector, a lot of private sector workers have that 401k type vehicle, but they may not have the pension. That sounds, that checks my box. I think I want to work for the federal government now.
You know, when you look at all the different sectors of the economy, I mean, this survey really looked at the federal workforce, but you kind of alluded to maybe the federal workforce feeling a little bit safer than the private sector or the nonprofit workforce. Is that a true statement?
Craig Copeland, PhD., Employee Benefits Research Institute
Well, I mean, that was certainly the case in 2025 when we did this survey. I think maybe at 26, the confidence may be a little different, but when we focus on retirement, given their benefits, they seem more confident with their benefits than they would in the private sector because they have both types of benefits, as you just pointed out. There’s still some uncertainty around the stability or, you know, the ability to continue in those jobs because most people who work in those jobs would like to continue in their jobs because they have those benefits that can better prepare them for retirement and give them more flexibility, potentially retire earlier and do something else because they’ll have that to support the accumulation of assets in the savings plan or the annuity payments as well.
Jeffrey Snyder, Broadcasting Retirement Network
You know, Craig, retirement has been a popular topic these past few months. First, I think we used some of the 401k or defined contribution plan that was paying for a house that went back a little bit on that. We had the Safe Act several years ago, and at the State of the Union, the President talked about the possibility of having a national 401k type plan.
I’m not sure how that would all work, but their research informs policymakers and regulators a lot. What do you think is on the right track, you know, just hypothetically, in terms of possible retirement, you know, legislation or regulation? It seems to me that there is a lot of interest in helping Americans secure their retirement.
Craig Copeland, PhD., Employee Benefits Research Institute
Well, there are several things, and one of the big problems is that there are still only, you know, between 50 and 60, if you access, maybe 70 percent that have access to a plan. So there is a sizable percentage of the workforce that doesn’t have access to the plan, and that’s the idea behind what President Trump said in the State of the Union was to address those people who didn’t have access to a plan. And how they’re going to do that is still up in the air, but there are some capabilities to help make it easier for people to save and take advantage of the savers’ match that’s already built into the safe program that was passed a few years ago that will get more savings to low-income workers.
So there’s really hope to get that half, you know, a quarter of the half who aren’t in a plan or don’t have the ability to save more money so they can take advantage of what they would receive from Social Security.
Jeffrey Snyder, Broadcasting Retirement Network
Yeah, I mean, as someone who’s been in the industry like you for a long time, you know, three decades, I’ve seen the iterative moves and I’m excited that this has become a mainstream topic. And just as we finish thinking about the Retirement Confidence Survey, it appears that many, many Americans are aware of the need to save for retirement. So they don’t miss out on, you know, all the trends, all the parts of the economy, that they need to save.
It really is the how, right? I mean, is that what you took from the survey results?
Craig Copeland, PhD., Employee Benefits Research Institute
Yeah, I mean, you see people know they should do it. How is one thing, but making the decision of where you can take your savings is another important part. I mean, because there’s still an affordability issue to some extent, you know, people with $30,000, $40,000 or $50,000 in income, it’s very difficult, you know, to pay, you know, overhead and then save.
So it’s really about addressing all those issues of getting people to know how to do it, getting the discipline to do it, and also helping those who are less able to save.
Jeffrey Snyder, Broadcasting Retirement Network
Craig, before I let you go, would you mind having a little joke? Guys, you have a lot of research coming up. What’s on the plate in terms of what we should think or hear from EBRI in the coming weeks and months?
You know, I talked about financial literacy with some of your colleagues. I imagine long-term care, caregiving, are things that are coming up on the radar screen.
Craig Copeland, PhD., Employee Benefits Research Institute
Yeah, I mean, in next year’s retirement confidence survey, we’re going to look at caregivers because it’s a growing challenge for people, particularly people in the sandwich generation who are caring for children and their parents. We’re looking at, you know, what’s happening in 401k plans and also the biggest thing we’re seeing more and more problems with is how their finances are outside of the 401k plan or their savings plan and how that affects what they can save. And that brings us to the financial wellness offerings that it is possible to get those finances in order so that you are better prepared to save if you get your overall finances in order.
Jeffrey Snyder, Broadcasting Retirement Network
Yes, it’s great research and hopefully this will inform key decision makers in the public and private sector to pull the right levers to get more and more of us saving for our retirement. And look, we’re going to live longer, saving for our financial future. Craig, we’re going to have to leave it there.
Great research as always. Thanks for joining us. We hope to have you back on the show very soon, sir.
Craig Copeland, PhD., Employee Benefits Research Institute
Well. Thanks for inviting me.
This story was originally published by TheStreet on March 3, 2026, where it first appeared in the Retirement section. Add TheStreet as a preferred source by clicking here.
