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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 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:
The Michigan Public School Employees' Retirement System collects and compiles employee wage, contribution, and service information from approximately 549 K-12 districts, 46 public school academy/charter schools, 7 universities, 28 community colleges, 55 intermediate school districts, and 10 libraries.
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.
John Ferak, Patch Staff. Posted Wed, Jan 13, 2021 at 10:00 pm CT | Updated Wed, Jan 13, 2021 at 10:16 pm CT. Joliet Police Lt. Kevin LaBolle retired in 2020, getting a retirement payout of $78,814 ...
Public employee pension plans in the United States. 401 (k) 403 (b) - Similar to the 401 (k), but for educational, religious, public healthcare, or non-profit workers. 401 (a) and 457 plans - For employees of state and local governments and certain tax-exempt entities.
Approximately 93% of the working population in the United States are employees earning a salary or wage. Typically, cash compensation consists of a wage or salary, and may include commissions or bonuses. Benefits consist of retirement plans, health insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc.
The Thrift Savings Plan (TSP) is a defined contribution plan for United States civil service employees and retirees as well as for members of the uniformed services.
The Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. Tooltip Public Law (United States) 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.
KPPA oversees Kentucky's three separate retirement systems: Kentucky Employee Retirement System (KERS), County Employee Retirement System (CERS) and State Police Retirement System (SPRS). CERS and KERS are multiple-employer, cost-sharing defined-benefit pension plans with Non-Hazardous and Hazardous members.