Public employee pension plans in the United States

In the United States , public sector pensions are offert by federal , state and local levels of government. They are available to most, but not all, public sector employees. These employers contributions to these plans typically vest after some period of time. These Plans May be defined-benefit or defined-contribution pension plans form the goal-have-been MOST Widely used by public agencies in the US Throughout the late Twentieth Century. Some local governments do not offer a defined contribution. In many states, public employee pension schemes are known as Public Employee Retirement Systems (PERS).

Unlike the private sector , in the public sector . Retirement age in the public sector is usually lower than in the private sector. Public pension plan in the United States. [1]

History

Public pensions got their start with various promises, informal and legislated, made to veterans of the Revolutionary War and, more extensively, the Civil War . They were expanded greatly, and began to be offered by a number of state and local governments during the early Progressive Era in the late nineteenth century.

The Civil Service Retirement System (CSRS), which was formed in 1920. The Federal Employees Retirement System (FERS), in 1987.

Federal

  • Federal Employees Retirement System – covers Approximately 2.44 million full-time civilian employees (as of December 2005). [2]

Retired pay for US Armed Forces retirees is strictly speaking, not a pension but rather a form of retainer pay. US military retirees do not vest into a retirement system while they are on duty; Eligibility for non-disability retired pay is solely based on time in service. Unlike other retirees, US military retirees are subject to involuntary recall to active duty at any time, though the likelihood of such a recall is particularly remote, especially after age 60. In 2008, there were 1,983,467 retired military in the US. There were 856,677 receiving military pensions, the remainder carrying their longevity into federal civil service positions. [3]

State

Each of the 50 US states HAS au moins un retirement system for employees ict. There are 3.68 million full-time and part-time 1.39 million state-level-government civilian employees as of 2002. [4]

  • Alaska – Alaska Retirement System
  • Alabama – Retirement Systems of Alabama
  • Arizona – Arizona State Retirement System and Public Safety Personnel Retirement System of Arizona
  • Arkansas – Arkansas Currently six HAS MOST retirement systems qui cover employees at the state and local level: Judicial Retirement, Public Employees Retirement, State Highway Employees Retirement, Retirement State Police, District Judges Retirement and Teacher Retirement. [5]
  • California – CalPERS (California Public Employees ‘Retirement System), CalSTRS (California State Teachers’ Retirement System)
  • Colorado – Colorado Public Employees Retirement Association
  • Connecticut – Connecticut Teachers’ Retirement Board
  • Florida – State Board of Administration of Florida (SBA), see external SBA homepage
  • Iowa – Iowa Public Employees Retirement System (IPERS), see external IPERS homepage
  • Illinois – State Employees’ Retirement System (SERS)
  • Indiana – Indiana Public Retirement System (INPRS) [6]
  • Kansas – Kansas Public Employees Retirement System (KPERS) [7]
  • Kentucky – Kentucky Retirement System (KRS)
  • Maine – Maine Public Employees Retirement System (MainePERS)
  • Massachusetts Massachusetts State Board of Retirement
  • Michigan – Michigan Office of Retirement Services , see external homepage
  • Minnesota – Public Employees Retirement Association of Minnesota , see external PERA homepage
  • Montana – Montana Public Employee Retirement Administration , see external MPERA homepage
  • Nebraska – Nebraska Public Employees Retirement Systems [8]
  • Nevada – Public Employees’ Retirement System of Nevada [9]
  • New Hampshire – New Hampshire Retirement System
  • New Mexico – Public Employees Retirement Association of New Mexico , see external PERA homepage
  • New York State Teachers ‘Retirement System, New York State Teachers’ Retirement System
  • North Dakota – North Dakota Public Employees Retirement System , see [1]
  • Ohio – Ohio Public Employees Retirement System [10]
  • Oklahoma – Oklahoma Public Employees Retirement System
  • Oregon – Oregon Public Employees Retirement System
  • Pennsylvania – State Employees ‘Retirement System and Public School Employees’ Retirement System
  • Texas – Employees Retirement System of Texas , see external ERS homepage
  • Utah – Utah Retirement Systems
  • Virginia – Virginia Retirement System , see external varetire.org
  • Wisconsin – Wisconsin Dept of Employee Trust Funds

Local

Many US cities are allowed to participate in the pension plans of their states; Some of their own pension plans. The total number of local government employees in the United States as of 2002 is 13.2 million. There are 10.15 million full-time and 3.13 million local-government civilian employees as of 2002. [11]

Further information: Local government in the United States

See also

  • Political divisions of the United States
  • States of the United States related lists
  • Retirement plans in the United States
  • Social Security Administration

References

  1. Jump up^ http://onpoint.wbur.org/2013/12/09/pension-plans-detroit-illinois-reform-bankruptcy
  2. Jump up^ Federal, State, and Local Governments – Main Page
  3. Jump up^ “Retired Military Personnel”. Patrick Air Force Base, Florida: The Intercom (publication of the Military Officers Association of Cape Canaveral). June 2009. p. 4.
  4. Jump up^ Compendium of Public Employment: 2002
  5. Jump up^ http://www.arkansas.gov/dfa/budget/documents/retirement_systems_05_07.doc
  6. Jump up^ http://www.in.gov/inprs
  7. Jump up^ https://www.kpers.org/
  8. Jump up^ Nebraska Public Employees Retirement Systems
  9. Jump up^ Public Employees’ Retirement System of Nevada
  10. Jump up^ OPERS https://www.opers.org/index.shtml . Retrieved 13 June 2015 . Missing or empty( help ) |title=
  11. Jump up^ Employment of Major Local Governments

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