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The Metropolitan Transportation Authority (MTA) is a public benefit corporation responsible for public transportation in the New York City metropolitan area of the U.S. state of New York.
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering .
In 2012, it managed defined benefit pension plans for 156,563 civil servants (members), including 56,752 retirees, making it the largest county retirement system in the United States. In 2018, LACERA's net assets were worth US$55.8billion.
Retirees get another year's reprieve until benefit cuts happen, or until Congress is forced to act. And, if benefit cuts do happen, they'll be smaller than anticipated.
With scores of pension plans on a path toward failing entirely, cutting pension benefits now could allow the plans to survive longer, benefiting current workers and relatively new retirees at...
The average retired-worker benefit at age 70 is $2,038 per month, which is $740 higher than the average benefit at age 62. Social Security benefits depend on several variables.