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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.
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 .
A traditional pension plan that defines a benefit for an employee upon that employee's retirement is a defined benefit plan. In the U.S., corporate defined benefit plans, along with many other types of defined benefit plans, are governed by the Employee Retirement Income Security Act of 1974 (ERISA).
For a long time, the Social Security Trustees have been warning that the retirement benefits system is facing some future financial hardships. Specifically, Social Security is paying...
Companies have started trimming back on employee benefits over the past few years as a first-line cost-cutting measure. But that hasn’t gone over well with workers, who highly value their perks ...
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.
'I just was blindsided': This Florida retiree can't claim Social Security benefits despite paying the tax his whole life — after finding out he's not a US citizen 60 years later
Rockland Retirees Succeed In Keeping Benefits Unchanged County lawmakers agreed with retired employees, who worried about a proposal to change their health insurance to a Medicare Advantage plan.
Employee Benefit Research Institute (EBRI) is a nonpartisan, nonprofit research organization based in Washington, D.C., that produces original research about health, savings, retirement, personal finance and economic security issues, including 401(k) and retirement plan coverage data, post-retirement income adequacy, health coverage and the ...
Boomers who are still working can take many different steps to increase financial security in retirement, including: Step up savings : Workers aged 50 and older can make extra "catch-up ...