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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 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.
With defined benefit pensions, the burden of saving and investing for retirement falls on the employer, not on employees.
The absolute maximum Social Security benefit in 2024 is $4,873 monthly, more than double the estimated average of $1,907 retirees receive across the nation as of January.
DC plans differ from defined-benefit (DB) plans, or pension plans, which are managed by a professional and guarantee income in retirement. Defined-contribution plans may require an employee...