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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 .
MTA employees also suffered due to the budget issues. By mid-July 2010, MTA layoffs had reached over 1,000, and many of those affected were low-level employees who made less than $55,000 annually. As of 2015, the MTA was running a $15 billion deficit in its $32 billion 2015–2019 Capital Plan.
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).
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 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.
For most of the Social Security Administration’s existence, “full retirement age” was indeed 65. Legislative changes in 1983 gradually increased that age to the 67 it sits at today.
According to research released in 2024 by the Social Security Administration (SSA), these benefits account for about 30% of the average income of people over 65.
Employee Retirement Income Security Act. An Act to provide for pension reform. The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry.
If you’re retired and receiving Social Security benefits, good news — more money could be on the way! Social Security benefits could increase by as much as $159 a month, per CNBC.
SSA also provides services through a national toll-free number (1-800-772-1213) and a website. Retirement and disability benefits can be applied for online. For survivor benefits, however, members of the public must call or visit SSA in person to apply.