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LACERA was established on January 1, 1938, following passage of the County Employees Retirement Law of 1937 (CERL), which mandates LACERA to pay for the defined retirement benefits of Los Angeles County employees and their beneficiaries. [1] [3] In 1971, LACERA began administering a retiree healthcare benefits program. [1]
Federal tax aspects of retirement plans in the United States are based on provisions of the Internal Revenue Code and the plans are regulated by the Department of Labor under the provisions of the Employee Retirement Income Security Act (ERISA).
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).
Companies have started trimming back on employee benefits over the past few years as a first-line cost-cutting measure.
The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted ...
With the economic landscape shifting and the future of public benefits uncertain, understanding what retirement looks like financially has become crucial for all ages.
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.
United States. Employee benefits in the United States include relocation assistance; medical, prescription, vision and dental plans; health and dependent care flexible spending accounts; retirement benefit plans (pension, 401 (k), 403 (b) ); group term life insurance and accidental death and dismemberment insurance plans; income protection ...