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Some local governments do not offer defined-benefit pensions but may offer a defined contribution plan. In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS).
The Illinois Municipal Retirement Fund (or IMRF) is the second largest and best-funded public pension system in Illinois. Since 1941, has partnered with local units of government to provide retirement, disability and death benefits for public employees. With a funded status of about 98 percent and more than $50 billion in assets, IMRF is well ...
Federal tax aspects of retirement plans in the United States are based on provisions of the Internal Revenue Code and the plans are regulated by the Department of Labor under the provisions of the Employee Retirement Income Security Act (ERISA).
With the economic landscape shifting and the future of public benefits uncertain, understanding what retirement looks like financially has become crucial for all ages.
Here’s what you need to know to calculate your retirement cost of living. A financial advisor can help you determine what you need to put in your budget for retirement.
A lot goes into figuring out how much money you need to retire. In the end, the amount you need to retire depends as much on the amount you spend as it does on the amount you have saved.
The Civil Service Retirement System ( CSRS) is a public pension fund organized in 1920 that has provided retirement, disability, and survivor benefits for most civilian employees in the United States federal government. Upon the creation of a new Federal Employees Retirement System (FERS) in 1987, those newly hired after that date cannot ...
Here’s how to invest your money after retirement so it can continue to last you through your golden years. 1. Calculate your retirement expenses. When you were saving for retirement, you were ...
The Federal Employees' Retirement System ( FERS) is the retirement system for employees within the United States civil service. FERS [1] 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.
A report by the Employee Benefit Research Institute found a 65-year-old couple may need as much as $383,000 saved to have a 90% chance of covering their healthcare spending needs.