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The rankings below are the 30 largest public pension plans in the U.S., ... Michigan Retirement: $75,550 $67,496 61.4% ... Missouri Public School: $42,307 $42,307
The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan 's state employees, public school employees, judges, state police, and National Guard. ORS also provides various retiree healthcare benefits, including traditional insurance plans, Personal Healthcare Funds, and Health Reimbursement Accounts.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
12. West Virginia. West Virginia actually closed its teacher pension plan in 1991 and shifted to a 401k-style plan for new teachers, only to switch back in 2006 after discovering that a pension ...
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The relative security of a pension is tied to the well-being of the government that offers it, and a great many U.S. states currently have unfunded pension liabilities. See which states are well ...
457 plan. The 457 plan is a type of nonqualified, [1][2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
The Michigan Education Association (MEA), headquartered in East Lansing, Michigan, is a labor union representing more than 157,000 teachers, faculty and education support staff throughout the state. [1] Usually referred to as a “teachers' union” its membership also includes college faculty, public school custodians, bus drivers, and ...