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The Government Pension Offset affects spouses, widows and widowers who receive government pensions and in some cases reduces their Social Security benefits, according to the SSA.
IBM’s switchover scenario provides a helpful example for understanding how a more widespread pension system would work. Pensions are not replacing the 401(k) accounts altogether; instead, they ...
Lump sum vs. annuity: 6 factors to consider when making your decision. Everyone’s financial situation is different, so it’s important to consider a few key factors — such as tax implications ...
Most new federal employees hired on or after January 1, 1987, are automatically covered under FERS. Those newly hired and certain employees rehired between January 1, 1984, and December 31, 1986, were automatically converted to coverage under FERS on January 1, 1987; the portion of time under the old system is referred to as "CSRS Offset" and only that portion falls under the CSRS rules.
Pension administration in the United States is the act of performing various types of yearly service on an organizational retirement plan, such as a 401(k), profit sharing plan, defined benefit plan, or cash balance plan. Increasingly, employers are also implementing these plan types in combination arrangements for greater contribution ...
A pension buyout (alternatively buy-out) is a type of financial transfer whereby a pension fund sponsor (such as a large company) pays a fixed amount in order to free itself of any liabilities (and assets) relating to that fund. The other party, usually an insurer, receives the payment but takes on responsibility for meeting those liabilities.
Today, just 11% of private employers offer pensions, compared with 35% in the early '90s. More than half of private-sector employees have a 401(k) plan, according to the Bureau of Labor Statistics.
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.