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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 .
The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. ORS also provides various retiree healthcare benefits, including traditional insurance plans, Personal Healthcare Funds, and Health Reimbursement Accounts.
The Employee Benefits Security Administration (EBSA) is an agency of the United States Department of Labor responsible for administering, regulating and enforcing the provisions of Title I of the Employee Retirement Income Security Act of 1974 (ERISA).
One solution for some workers: investment options that provide guaranteed retirement income in their employer-provided retirement plan.
Using 2000-2024 estimates, the annual hike in the average monthly benefit of all retired-worker beneficiaries was 3.53%. At this pace, the benefit could jump 23% to $2,348 by January 2030.
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.
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.
The will be raising payments to town retirees by three percent this year despite no comparable increase in inflation or Social Security benefits.
The Civil Service Retirement System (CSRS) is a public pension fund organized in 1920 that has provided retirement, disability, and survivor benefits for most civilian employees in the United States federal government.
The agreement specifies that union members will be entitled to automatic raises on May 1 of 2021, 2022 and 2023, with the first two salary hikes being 2 percent, and the last one 2.5 percent.