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The phrase “pension benefits” may come up a lot in the next several days as negotiations between the United Auto Workers union and the Big Three automakers go down to the wire to avert a strike.
In 1970, more than half of full-time workers were covered by a traditional pension, according to the US Bureau of Labor Statistics. Today, just 11% of private employees participate in traditional ...
The California Public Employees' Retirement System, or CalPERS, the nation's largest state pension fund, experienced a 6.1% investment loss in the fiscal year that ended June 30. It was the first ...
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
With pensions all but extinct, the only real guarantee for most retirees is Social Security — but that program is on a collision course with painful economic and demographic realities.
Recession fears raise risks for California's public pension funds.
The California Rule is a legal doctrine requiring that government workers throughout the state of California receive the pension benefits that were in place on the day they were hired, and that those benefits cannot be reduced (though they can be increased); meaning that mandatory employee contributions cannot be increased, nor can cost-of-living allowances be decreased, not even for not-yet ...
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