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The Wisconsin Retirement System (WRS) consistently ranks among the 10 largest public pension funds in the U.S. Participants include current and former employees of Wisconsin’s state agencies and most local governments other than the City of Milwaukee and Milwaukee County.
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 legislation primarily affects the following areas: collective bargaining, compensation, retirement, health insurance, and sick leave of public sector employees. In response, unions and other groups organized protests inside and around the state capitol.
Wisconsin boasts one of the least complicated retirement systems in the country, as essentially all state and local employees fall under the umbrella of the Wisconsin Retirement System (WRS).
Teachers in the Menomonee Falls School District will contribute their mandatory payments into their Wisconsin Retirement System account when the first paycheck comes out next school year.
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
Faced with rising insurance costs and reduced state aid, the Whitefish Bay School Board approved a plan that would reduce the annual cost of providing retirement benefits by $2 million.
List of largest pension schemes in the United States. Public employee pension plans in the United States.
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.
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.