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This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
1199SEIU United Healthcare Workers East is a healthcare union in the United States, with a membership of 400,000, including retirees. It is a local union within the Service Employees International Union. It is a former local of 1199: The National Health Care Workers' Union.
1199SEIU, the largest healthcare worker labor union in the United States. [1] SEIU Local 1199E which merged with SEIU Local 1998 to form 1199SEIU Maryland/DC Division. [2] SEIU Local 1199NE, the New England branch of the original Local 1199. [3] SEIU Local 1199NW, the Washington State branch of the original Local 1199. [3]
SEIU 1199 New England, also known as the New England Health Care Employees Union, is a local labor union that represents some 29,000 health care providers in the states of Connecticut and Rhode Island. Founded in 1958 in Connecticut with support from 1199 union organizers from New York, the local SEIU 1199 New England has union halls in ...
Service Employees International Union (SEIU) is a labor union representing almost 1.9 million workers [2] in over 100 occupations in the United States and Canada. [3] SEIU is focused on organizing workers in three sectors: healthcare (over half of members work in the healthcare field), including hospital, home care and nursing home workers; public services (government employees, including law ...
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.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
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.