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The Virginia Retirement System is an independent state agency that administers pension plans, retirement savings plans, and other benefits to public employees in the U.S. state of Virginia. As of 2018, the agency ranks as the 14th largest public or private pension fund in the United States and is the 42nd largest retirement system in the world.
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 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 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 ...
It was established by the United States Congress and given to veterans who meet the eligibility requirements. Along with payments, they are also given additional benefits depending on their eligibility and needs. The veteran's pension system is managed by the Department of Veterans Affairs .
The United States Department of Veterans Affairs ( VA) is a Cabinet -level executive branch department of the federal government charged with providing lifelong healthcare services to eligible military veterans at the 170 VA medical centers and outpatient clinics located throughout the country. Non-healthcare benefits include disability ...
Major benefits include Veterans' compensation, Veterans' pension, survivors' benefits, rehabilitation and employment assistance, education assistance, home loan guaranties, and life insurance coverage.
The US Department of Veterans Affairs provides a wide variety of benefits, [1] e.g., educational assistance (GI Bill), healthcare, assisted living, [2] home loans, insurance, and burial and memorial services, for retired or separated United States armed forces personnel, their dependents, and survivors. [3]
Pensions in the United States consist of the Social Security system, public employees retirement systems, as well as various private pension plans offered by employers, insurance companies, and unions.
For example, the current Federal Employees Retirement System, which covers the vast majority of federal civil service employees hired after 1986, combines Social Security, a modest defined-benefit pension (1.1% per year of service) and the defined-contribution Thrift Savings Plan.