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Audit: Kansas City needs to better prepare employees for retirement

Posted: 9:26 AM, Feb 26, 2020
Updated: 2020-02-26 10:26:06-05
KC City Hall

KANSAS CITY, Mo. — A new audit says Kansas City, Missouri, is not doing its part to help city employees make informed retirement decisions.

The City Auditor's Office concluded that the city does not have a retirement education program.

The audit shows that the only times the city requires employees to meet or listen to information about retirement is when an employee is first hired and when an employee is processed for retirement.

The audit also concluded that retirement information is hard to locate and not always accurate.

The Government Finance Officers Association recommends government employers educate employees about retirement, provide financial education and retirement planning sessions throughout an employees career.

They also say that pre-retirement sessions should be offered at least five years before the employee's projected retirement age.

Finally, the audit recommends establishing a single location for electronic retirement information.

The audit is being presented to the Finance, Governance, and Public Safety Committee meeting Wednesday.