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Members participate as either Tier 1 or Tier 2 members. To participate as a Tier 1 member, the employee must have started work with an IMRF employer on or before December 31, 2010. All other members participate in Tier 2. All IMRF Tier 2 plans have a less generous benefit structure as compared to Tier 1. The cost to provide a Tier 2 pension is ...
Changes from the “Tier I” pension law include raising the minimum eligibility to draw a retirement benefit to age 67 with 10 years of service, initiating a cap on the salaries used to calculate retirement benefits, and limiting cost-of-living annuity adjustments to the lesser of 3 percent or half of the annual increase in the Consumer Price ...
Such two-tier wage systems are often economically attractive to both employers and unions. Employers see immediate reductions in the cost of hiring new workers. [ 3 ] Existing union members see no wage reduction, and the number of new union members with lower wages is a substantial minority within the union and so is too small to prevent ...
“If there was any question why there’s a teacher and education support staff shortage, there should not be one now.”
December 31, 2024 at 2:37 PM. Early retirement is a dream many think about, but reality suggests most will toil away at their jobs until the traditional retirement age, if not longer.
From January 2008 to May 2008, if you bought shares in companies when Milledge A. Hart III joined the board, and sold them when she left, you would have a -0.8 percent return on your investment, compared to a -5.0 percent return from the S&P 500.
The warning signs and safety concerns were obvious – to New Orleans residents, tourists and experts alike. Throngs of New Year’s Day revelers packed in the city’s bustling French Quarter had ...
Pension spiking, sometimes referred to as "salary spiking", [1] is the process whereby public sector employees are granted large raises, bonuses, incentives or otherwise artificially inflate their compensation in the time immediately preceding retirement in order to receive larger pensions than they otherwise would be entitled to receive.