Illinois Plan de Pensiones de Beneficio Definido y Contrato de Fideicomiso - Defined-Benefit Pension Plan and Trust Agreement

• Category: Fideicomisos - Negocios
• State: Multi-State
• Control #: US-1073BG
• Format: Word

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. Illinois Defined-Benefit Pension Plan and Trust Agreement is a legal framework established by the state of Illinois to provide retirement benefits to eligible public employees. It is a specific type of retirement plan that guarantees a predetermined monthly income based on a formula that considers factors such as years of service and final average salary. The Illinois Defined-Benefit Pension Plan and Trust Agreement is designed to ensure the financial security of public employees during their retirement years. The plan is funded through a combination of employer contributions, employee contributions, and investment returns on those contributions. The state of Illinois and the participating local government entities are responsible for making contributions into the pension trust fund to ensure its sustainability. There are several types of Illinois Defined-Benefit Pension Plan and Trust Agreements, each specifically tailored to different groups of public employees. Some common types include: 1. Illinois Teachers' Retirement System (TRS): This plan caters to public school teachers and certain administrators in Illinois. It provides retirement, disability, and survivor benefits to eligible members. 2. Illinois Municipal Retirement Fund (IMF): This plan covers employees of participating municipalities, including elected officials, firefighters, police officers, and other local government employees. 3. Judges' Retirement System (JR): This plan is specifically designed for judges serving in Illinois courts. It provides retirement and survivor benefits to judges who meet the predetermined eligibility criteria. 4. State Universities Retirement System (SURE): This plan covers employees of Illinois state universities, community colleges, and other related organizations. It offers retirement, disability, and survivor benefits to eligible members. These are just a few examples of the various Illinois Defined-Benefit Pension Plan and Trust Agreements available. Each plan has its own specific rules, eligibility requirements, and funding structures. The goal is to ensure that public employees in Illinois have a reliable and secure retirement income after serving the state and its residents dutifully throughout their careers.

Illinois Defined-Benefit Pension Plan and Trust Agreement is a legal framework established by the state of Illinois to provide retirement benefits to eligible public employees. It is a specific type of retirement plan that guarantees a predetermined monthly income based on a formula that considers factors such as years of service and final average salary. The Illinois Defined-Benefit Pension Plan and Trust Agreement is designed to ensure the financial security of public employees during their retirement years. The plan is funded through a combination of employer contributions, employee contributions, and investment returns on those contributions. The state of Illinois and the participating local government entities are responsible for making contributions into the pension trust fund to ensure its sustainability. There are several types of Illinois Defined-Benefit Pension Plan and Trust Agreements, each specifically tailored to different groups of public employees. Some common types include: 1. Illinois Teachers' Retirement System (TRS): This plan caters to public school teachers and certain administrators in Illinois. It provides retirement, disability, and survivor benefits to eligible members. 2. Illinois Municipal Retirement Fund (IMF): This plan covers employees of participating municipalities, including elected officials, firefighters, police officers, and other local government employees. 3. Judges' Retirement System (JR): This plan is specifically designed for judges serving in Illinois courts. It provides retirement and survivor benefits to judges who meet the predetermined eligibility criteria. 4. State Universities Retirement System (SURE): This plan covers employees of Illinois state universities, community colleges, and other related organizations. It offers retirement, disability, and survivor benefits to eligible members. These are just a few examples of the various Illinois Defined-Benefit Pension Plan and Trust Agreements available. Each plan has its own specific rules, eligibility requirements, and funding structures. The goal is to ensure that public employees in Illinois have a reliable and secure retirement income after serving the state and its residents dutifully throughout their careers.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.