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A retirement plan is a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions.
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. Retirement age in the public sector is usually lower than in the private ...
Mandatory retirement also known as forced retirement, enforced retirement or compulsory retirement, is the set age at which people who hold certain jobs or offices are required by industry custom or by law to leave their employment, or retire.
IBM offers employees new retirement account that looks a lot like a pension. On Jan. 1, IBM put the brakes on its dollar-for-dollar 5% employee match in its 401 (k) plan and began providing most ...
Congressional pension is a pension made available to members of the United States Congress. As of 2019, members who participated in the congressional pension system are vested after five years of service. A pension is available to members 62 years of age with 5 years of service; 50 years or older with 20 years of service; or 25 years of service ...
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