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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).
For most of the Social Security Administration’s existence, “full retirement age” was indeed 65. Legislative changes in 1983 gradually increased that age to the 67 it sits at today.
Our employee retiree benefits crisis puts us closer than you think. There will likely be legislation proposed in October affecting the County’s retirees’ health care benefit program to bring ...
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...
When participating in a defined benefit pension plan, an employer/sponsor promises to pay the employees/members a specific benefit for life beginning at retirement. The benefit is calculated in advance using a formula based on age, earnings, and years of service.
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 out more than ...
Employee Retirement Income Security Act. An Act to provide for pension reform. The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 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.
The average retiree’s monthly check this year is $1,915, according to the Social Security Administration. And even retirees with the highest earnings during their careers are getting somewhere...