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The Florida Retirement System (FRS) Pension Plan, a defined benefit plan, is one of the largest public retirement plans in the US. [13] At year-end, it comprised over 80 percent of total assets under SBA management. [3] The FRS Pension Plan serves a working and retired membership base of nearly one million public employees. [14]
Many U.S. cities are allowed to participate in the pension plans of their states; some of the largest have their own pension plans. The total number of local government employees in the United States as of 2020 is 14.3 million. There are 11.1 million full-time and 3.1 million part-time local-government civilian employees as of 2020. [16]
The division manages Florida's state-administered retirement systems, monitors Florida's local public retirement systems, oversees local police and fire pension funds in the state that participate, and oversees the State University System Optional Retirement Program and the Senior Management Service Optional Annuity Program. [5]
Local government is not required to pay for health care insurance for government retirees. As of 2010, none do. [3] In 2011, researchers at Florida State University said that Florida's cities and counties have promised pensions they cannot afford. Pension obligations constituted 8% of total spending by local governments in 2009. [4]
Nationwide, state-run pensions have accrued debts exceeding $1 trillion, generating massive new costs for taxpayers. Resolving this issue is not as simple as hitting the off switch on public pensions.
State lawmakers may have made it harder for state teacher and other public employee unions to collect dues this year. But another swath of public worker unions secured consequential victories in ...
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
The Government Pension Offset (GPO) reduces survivor or spousal benefits if a person’s pension is non-covered. GPO affects fewer people, but it cuts the Social Security benefit by two-thirds of ...