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The Virginia Retirement System is an independent state agency that administers pension plans, retirement savings plans, and other benefits to public employees in the U.S. state of Virginia. [1] As of 2018, the agency ranks as the 14th largest public or private pension fund in the United States and is the 42nd largest retirement system in the world.
The rankings below are the 30 largest public pension plans in the U.S., according to the 2018 list compiled by Pensions & Investments. [1] Because this information is now several years old, the numbers and rankings may no longer be entirely accurate.
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering. Retirement age in the public sector is usually lower than in the private sector.
It will also repeal the Government Pension Offset (GPO), enacted in 1977, which reduces benefits for spouses, widows and widowers whose spouses receive public sector pensions.
The public sector remains the last stand for the antiquated, lifetime career–focused approach to pensions. Nationwide, state-run pensions have accrued debts exceeding $1 trillion , generating ...
Public pensions have gotten a huge amount of attention ever since the city of Detroit declared bankruptcy last month. Concerns have focused on whether pension funds can generate adequate returns ...
Public pension funds, or funds for retirement savings of people who work for a government employer or in the public sector. Subcategories This category has the following 4 subcategories, out of 4 total.
After 1960 public sector unions grew rapidly and secured good wages and high pensions for their members. While manufacturing and farming steadily declined, state- and local-government employment quadrupled from 4 million workers in 1950 to 12 million in 1976 and 16.6 million in 2009. [ 18 ]