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Alight was formed in May 2017 after the acquisition of the benefits outsourcing department of Aon Hewitt by private equity funds affiliated with Blackstone Group L.P. [3] [4] It is headquartered in Chicago, Illinois. [5] [6] In August 2024, Dave Guilmette was hired as a new CEO of the company. [7]
Employee benefits in the United States include relocation assistance; medical, prescription, vision and dental plans; health and dependent care flexible spending accounts; retirement benefit plans (pension, 401(k), 403(b)); group term life insurance and accidental death and dismemberment insurance plans; income protection plans (also known as ...
The typical IMRF retiree receives a modest and sustainable benefit, earned after decades of public service. In 2020, 56% of retirees received a benefit of less than $12,000 annually. [2] In 2019, IMRF became the first public pension fund in the nation to receive a Malcolm Baldrige National Quality Award for Performance Excellence.
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
Changes from the “Tier I” pension law include raising the minimum eligibility to draw a retirement benefit to age 67 with 10 years of service, initiating a cap on the salaries used to calculate retirement benefits, and limiting cost-of-living annuity adjustments to the lesser of 3 percent or half of the annual increase in the Consumer Price ...
According to a recent survey of U.S. seniors between the ages of 62-85 by Indeed Flex, almost one in three retirees are considering temporary work and un-retirement, primarily due to inflation’s ...
The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees.
Chicago's police chief has put into writing a threat that officers could be fired if they don't comply with the city's COVID-19 vaccination policy, adding that those who choose to retire rather ...