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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).
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.
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.
Every year the Social Security Administration adjusts retirees' benefits amounts by the average increase in inflation during the third quarter of the previous year. The 2024 COLA was...
The Social Security program in the United States pays benefits to three broad categories of individuals: retired individuals and some family members, disabled persons and some family members, and survivors. Within these broad categories, the program defines more specific types of beneficiaries.
The Social Security Administration is set to implement new rules to make it easier for beneficiaries to access certain benefits and increase the payments some may receive.
In 1956, the tax rate was raised to 4.0 percent (2.0 percent for the employer, 2.0 percent for the employee) and disability benefits were added. Also in 1956, women were allowed to retire at 62 with benefits reduced by 25 percent.
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.