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During fiscal year 2009, retirement survivor benefits of some $10.5 billion were paid to about 589,000 beneficiaries, while net unemployment-sickness benefits of $160 million, including over $10 million in temporary extended unemployment benefits under the American Recovery and Reinvestment Act of 2009, were paid to more than 40,000 claimants.
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While these benefits are of great value to retirees, they have become scarcer in recent decades due to the dramatic costs they impose on employers. A recent study from the Kaiser Family Foundation found that the number of large employers offering other post employment benefits fell from 66% in 1988 to 23% in 2015.
In the 2011-12 fiscal year, the cost of CIty Council health insurance rose almost $4,000 from the prior year due to increases in all five council members' health benefits costs. Click the "Keep me ...
Between 2007 and 2016, the USPS lost $62.4 billion; the inspector general of the USPS estimated that $54.8 billion of that (87%) was due to prefunding retiree benefits. By the end of 2019, the USPS had $160.9 billion in debt, due to growth of the Internet, the Great Recession, and prepaying for employee benefits as stipulated in PAEA.
1975 - Benefit increases for retired members are granted by the legislature. 1985 - The 69th Legislature established TRS-Care, a health benefit program for public school retirees. 1987 - The plan was amended to take advantage of federal tax code provisions to make member contributions tax deferred. 1990 - Benefits paid exceed the $1 billion mark.