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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.
State pension plans are facing a massive $1.4 trillion funding gap, according to a new analysis from the Pew Charitable Trust. Pension liabilities in all 50 states increased by $295 billion to ...
South Carolina state employees can expect a pay raise of $2,500 or 5%, whichever is higher, state budget writers have decided. With $800 million in additional money available to disburse in what ...
State of Wisconsin Investment Board: $109,960 $105,155 N/A N/A 9 North Carolina Retirement: $106,946 $96,094 88.3% 7.3% 10 Washington State Investment Board: $104,260 $86,615 85.5% 7.7% 11 Ohio Public Employees Retirement System: $97,713 $96,304 80.2% 7.5% 12 New Jersey Division of Investment: $80,486 $76,361 N/A N/A 13 Virginia Retirement ...
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In contrast, the percentage of workers covered by a defined contribution (DC) pension plan has been increasing over time. From 1980 through 2008, the proportion of private wage and salary workers participating in only DC pension plans increased from 8% to 31%. Most of the shift has been the private sector, with few changes in the public sector.
The House plan included a $1,000 raise or 1.5% for anyone earning more than $66,667 year. The Senate proposed a $1,375 or a 2.75% pay increase. The Senate proposed a $1,375 or a 2.75% pay increase.
It has local affiliates in each of the state's 81 public school districts. [4] As the state affiliate of the National Education Association--the largest labor union in the United States [5]-- The SCEA is the only union for educators and public school employees in South Carolina. The SCEA regularly comments on state-level educational issues and ...