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As of July 2022, unfunded liabilities for statewide plans totaled $1.2 trillion. Statewide retirement systems account for the bulk of unfunded liabilities in the US. State Pension plans account for approximately 88% of all unfunded liabilities of non-federal retirement systems.
Massachusetts Secretary of Administration and Finance. The Secretary of Administration and Finance of Massachusetts is the head of the Executive Office of Administration and Finance, and serves as an advisor to the Governor of Massachusetts. Its current Secretary is Matthew Gorzkowicz, who has been serving since January 5, 2023.
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Government of Massachusetts. The Commonwealth of Massachusetts is governed by a set of political tenets laid down in its state constitution. Legislative power is held by the bicameral General Court, which is composed of the Senate and House of Representatives.
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According to research released in 2024 by the Social Security Administration (SSA), these benefits account for about 30% of the average income of people over 65.
Retirement savings plans in the U.S. usually focus on 401(k) accounts, IRAs or pensions, but there’s another option that has begun to draw interest from an increasing number of older Americans ...
Federal Employees Retirement System. The Federal Employees' Retirement System ( FERS) is the retirement system for employees within the United States civil service. FERS [1] 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. [2]