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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. Retirement age in the public sector is usually lower than in the private sector.
About 500,000 active and retired public employees will pay more for their health and pension benefits, saving New Jersey taxpayers an estimated $120 billion over 30 years in pension costs.
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.
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).
About 60 percent of the projected $122 billion total pension savings in the reform bills comes from the elimination of COLA. Public employees currently paying 1.5 percent of their healthcare ...
As of June 30, 2015, SURS had a funded ratio of 44.2 percent with $22.1 billion in unfunded pension liabilities, according to a report published in March by the General Assembly’s Commission on ...