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A ten-member board oversees the State Employees’ Retirement System. As of September 30, 2017, the system serves 10,850 active members and 59,684 retirees and beneficiaries. Effective March 31, 1997, all new enrollees participate in the Defined Contribution plan.
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 Federal Employees' Retirement System (FERS) is the retirement system for employees within the United States civil service. FERS became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. FERS consists of three major components:
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...
In connection with the retirement program, the RRB has administrative responsibilities under the Social Security Act for certain benefit payments and railroad workers' Medicare coverage.
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 ...