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The Public School Employees’ Retirement System (PSERS) is a pension fund for public school employees in the Commonwealth of Pennsylvania.Eligible members include all full-time public school employees, part-time hourly public school employees who render at least 500 hours of service in the school year, and part-time per diem public school employees who render at least 80 days of service in ...
The benefit in a defined benefit pension plan is determined by a formula that can incorporate the employee's pay, years of employment, age at retirement, and other factors. A simple example is a dollars times service plan design that provides a certain amount per month based on the time an employee works for a company.
The appeal of retirement age flexibility is the focal point of an actuarial approach to retirement spend-down that has spawned in response to the surge of baby boomers approaching retirement. The approach is based on personal asset/liability matching process and present values to determine current year and future year spending budget data points.
Account owners must begin making distributions from their accounts by April 1 of the calendar year after turning age 70 + 1 ⁄ 2 (72 for individuals who turn age 70 + 1 ⁄ 2 after December 31, 2019) [23] or April 1 of the calendar year after retiring, whichever is later. [24]
In theory, there are two main benefits derived from salary caps – promotion of parity between teams, and control of costs. [5] [6] [7]Primarily, an effective salary cap prevents wealthy teams from certain destructive behaviours such as signing a multitude of high-paid star players to prevent their rivals from accessing these players, and ensuring victory through superior economic power.
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