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A pension is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be:
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families". In fiscal year 2020–21, CalPERS paid over $27.4 billion in retirement benefits, and over $9.74 billion in health benefits.
The New Hampshire Retirement System (NHRS) is a contributory, public employee defined benefit pension plan for the state of New Hampshire. The plan is qualified under section 401(a) of the Internal Revenue Code, and provides lifetime pension benefits to eligible members, which are determined at retirement under formulas prescribed by state law. The retirement system is also governed by administrative rules, policies adopted by the Board of Trustees, and the Internal Revenue Code.
The pensions crisis or pensions timebomb is the predicted difficulty in paying for corporate or government employment retirement pensions in various countries, due to a difference between pension obligations and the resources set aside to fund them. The basic difficulty of the pension problem is that institutions must be sustained over far longer than the political planning horizon. Shifting demographics are causing a lower ratio of workers per retiree; contributing factors include retirees living longer, and lower birth rates. An international comparison of pension institution by countries is important to solve the pension crisis problem. There is significant debate regarding the magnitude and importance of the problem, as well as the solutions. One aspect and challenge of the "Pension timebomb" is that several countries' governments have a constitutional obligation to provide public services to its citizens, but the funding of these programs, such as healthcare are at a lack of funding, especially after the 2008 recession and the strain caused on the dependency ratio by an ageing population and a shrinking workforce, which increases costs of elderly care.
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings to an individual account, all or part of which is matched by the employer.
The Illinois Municipal Retirement Fund is the second largest and best-funded public pension system in Illinois. Since 1941, has partnered with local units of government to provide retirement, disability and death benefits for public employees. With a funded status of about 98 percent and more than $50 billion in assets, IMRF is well-funded and sustainable.
The San Diego City Employee's Retirement Pension Fund was the source of a multi-year scandal and has been an ongoing financial concern for the city of San Diego, California.
The California State Teachers' Retirement System (CalSTRS) provides retirement, disability and survivor benefits for California's 965,000 prekindergarten through community college educators and their families. CalSTRS was established by law in 1913 and is part of the State of California's Government Operations Agency. As of September 2020, CalSTRS is the largest teachers' retirement fund in the United States. CalSTRS is also currently the eleventh largest public pension fund in the world. As of October 31, 2020, CalSTRS managed a portfolio worth $254.7 billion.
Contra Costa County Employees' Retirement Association (CCCERA) is a retirement association for Contra Costa County, California's public employees.
Milliman, formerly Milliman & Robertson, is an international actuarial and consulting firm based in Seattle, Washington.
Teacher Retirement System of Texas (TRS) is a public pension plan of the State of Texas. Established in 1937, TRS provides retirement and related benefits for those employed by the public schools, colleges, and universities supported by the State of Texas and manages a $180 billion trust fund established to finance member benefits. More than 1.6 million public education and higher education employees and retirees participate in the system. TRS is the largest public retirement system in Texas in both membership and assets and the sixth largest public pension fund in America. The agency is headquartered at 1000 Red River Street in the capital city of Austin.
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.
The Local Initiative Health Authority for Los Angeles County is a public agency that provides health insurance for low-income individuals in Los Angeles County through four health coverage programs including Medi-Cal.
Oklahoma Teacher's Retirement System (OTRS) is the pension program for public education employees in the State of Oklahoma. As of June 30, 2014, the program had nearly 168,000 members. Public education teachers and administrators are required to be OTRS members; support staff can join voluntarily. State law established OTRS in 1943 to manage retirement funds and provide financial security for public education employees. Its first checks to retirees were sent out in 1947. It is administered by a staff and 14-member board of trustees. Its current executive director is Tom Spencer, who started in that position on November 1, 2014.
The Government of Los Angeles County is defined and authorized under the California Constitution, California law, and the Charter of the County of Los Angeles. Much of the Government of California is in practice the responsibility of county governments, such as the Government of Los Angeles County. The County government provides countywide services such as elections and voter registration, law enforcement, jails, vital records, property records, tax collection, public health, health care, and social services. In addition the County serves as the local government for all unincorporated areas.
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. ORS serves over 530,000 customers, representing one out of every fourteen Michigan adults. ORS customers live in approximately one out of every nine Michigan households. The state employee system and the public school employee system administered by ORS make up 95 percent of all active plan membership in Michigan. ORS is responsible for the 18th largest public pension system in the United States and the 47th largest pension system in the world, managing combined net assets of nearly $67.8 billion. In fiscal year 2017, ORS paid out over $7.3 billion in pension and health benefits. According to the Pensionomics 2016 report from the National Institute on Retirement Security, pensions paid to Michigan retirees generated $11.1 billion in total spending in the state of Michigan. A Pew study ranks ORS in the top ten state pension systems for paying the highest percentage of their annual required contribution for pension plans, which demonstrates a commitment to fiscal responsibility. ORS is a division of Michigan's Department of Technology, Management, and Budget (DTMB).
Indiana Public Retirement System (INPRS) is a U.S.-based pension fund responsible for the pension assets for public employees in the state of Indiana. INPRS is among the largest 100 pension funds in the United States, with $47.961 billion in actuarial accrued liabilities and $34.479 billion in actuarial assets as of June 30, 2021. The fund administers and manages several pension funds in the State of Indiana, the two largest of which are the Indiana State Teachers' Retirement Fund and the Indiana Public Employees' Retirement Fund. The others are the 1977 Police Officers' and Firefighters' Retirement Fund; the Judges' Retirement System; the Excise, Gaming, and Conservation Officers' Retirement Fund; the Prosecuting Attorneys' Retirement Fund; the Legislators' Defined Benefit Fund; and the Legislators' Defined Contribution Fund. Each of the current funds remains separate but all are administered by the nine-member board of trustees of INPRS.
The American Benefits Council (the Council) is a national trade association based in Washington, D.C. that advocates for employer-sponsored benefit plans. The Council's members represent the private employee benefits community and either sponsor directly or provide services to retirement and health benefit plans both nationally and internationally.
The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees.
References
- 1 2 3 4 5 6 "Who We Are". LACERA. Retrieved September 16, 2013.
- 1 2 3 "Organizational Chart". LACERA. Retrieved September 16, 2013.
- 1 2 "2012 CAFR: Introduction". LACERA. 2012. Archived from the original on 6 August 2013. Retrieved 16 September 2013.
- ↑ "Los Angeles County is already a model example of pension reform" (PDF). Chief Executive Office – Office of Public Affairs. County of Los Angeles. Retrieved September 16, 2013.
- 1 2 3 Rademacher, Gregg; Robert R. Hill; JJ Popowich (2012). "2012 Annual Report" (PDF). LACERA. Retrieved 16 September 2013.[ permanent dead link ]
- ↑ "2012 Comprehensive Financial Annual Report" (PDF). LACERA. 3 December 2012. Archived from the original (PDF) on 6 August 2013. Retrieved 16 September 2013.
- 1 2 3 "Board of Retirement". LACERA. Retrieved 16 September 2013.
- 1 2 3 "Board of Investments". LACERA. Retrieved 16 September 2013.
- ↑ Rosenblatt, Susannah (17 October 2007). "County starts fund for retirees". Los Angeles Times. Retrieved 16 September 2013.
- ↑ "FAQs - Retiree Healthcare". LACERA. Retrieved 16 September 2013.
- ↑ "Plan Book Section". LACERA. Retrieved 16 September 2013.
- ↑ "Retirement Plan G - General Member". LACERA. Retrieved 16 September 2013.
- ↑ "Safety Retirement Plan C". LACERA. Retrieved 16 September 2013.
- ↑ "LACERA Investment Status Report for 2011-12" (PDF). Chief Executive Office. County of Los Angeles. 8 August 2012. Retrieved 16 September 2013.
- 1 2 "Reciprocal Systems". LACERA. Retrieved 16 September 2013.
- ↑ Hirst, Scott; Bebchuk, Lucian; Rhee, June (2013-04-01). "Towards the Declassification of S&P 500 Boards". Harvard Business Law Review. 3 (1): 157.
