Bronx New York Plan de Pensiones de Beneficio Definido y Contrato de Fideicomiso - Defined-Benefit Pension Plan and Trust Agreement

• Category: Fideicomisos - Negocios
• State: Multi-State
• County: Bronx
• 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. The Bronx, New York Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit plan designed specifically for employees of the Bronx, New York City government. This plan operates under a trust agreement, ensuring that the pension fund is managed and invested in a responsible and secure manner. Under the Bronx, New York Defined-Benefit Pension Plan and Trust Agreement, retired employees receive a predetermined amount of pension benefits based on factors such as their years of service, salary history, and other specified criteria. This type of pension plan eliminates the investment risk for employees, as the responsibility of managing and investing the pension fund lies with the trust. There are different types of Bronx, New York Defined-Benefit Pension Plan and Trust Agreements, primarily categorized by the type of government employee they cover. These include plans for uniformed employees such as police officers and firefighters, plans for teachers and educational staff, plans for administrative and clerical workers, and plans for various other job classifications within the city government. The Bronx, New York Defined-Benefit Pension Plan and Trust Agreement offers several advantages to its participants. Firstly, it provides a stable source of income during retirement, removing the financial uncertainty that comes with defined-contribution plans. Secondly, it guarantees a lifetime benefit for participants and often includes provisions for cost-of-living adjustments to protect against inflation. Finally, the plan allows for the possibility of survivor benefits, ensuring that a participant's spouse or dependents receive financial support in the event of the participant's death. In summary, the Bronx, New York Defined-Benefit Pension Plan and Trust Agreement is a retirement benefit plan that offers stable and secure income to qualified employees of the Bronx, New York City government. With different variations tailored to specific employee groups, this plan provides a reliable source of income during retirement, protecting participants and their loved ones.

The Bronx, New York Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit plan designed specifically for employees of the Bronx, New York City government. This plan operates under a trust agreement, ensuring that the pension fund is managed and invested in a responsible and secure manner. Under the Bronx, New York Defined-Benefit Pension Plan and Trust Agreement, retired employees receive a predetermined amount of pension benefits based on factors such as their years of service, salary history, and other specified criteria. This type of pension plan eliminates the investment risk for employees, as the responsibility of managing and investing the pension fund lies with the trust. There are different types of Bronx, New York Defined-Benefit Pension Plan and Trust Agreements, primarily categorized by the type of government employee they cover. These include plans for uniformed employees such as police officers and firefighters, plans for teachers and educational staff, plans for administrative and clerical workers, and plans for various other job classifications within the city government. The Bronx, New York Defined-Benefit Pension Plan and Trust Agreement offers several advantages to its participants. Firstly, it provides a stable source of income during retirement, removing the financial uncertainty that comes with defined-contribution plans. Secondly, it guarantees a lifetime benefit for participants and often includes provisions for cost-of-living adjustments to protect against inflation. Finally, the plan allows for the possibility of survivor benefits, ensuring that a participant's spouse or dependents receive financial support in the event of the participant's death. In summary, the Bronx, New York Defined-Benefit Pension Plan and Trust Agreement is a retirement benefit plan that offers stable and secure income to qualified employees of the Bronx, New York City government. With different variations tailored to specific employee groups, this plan provides a reliable source of income during retirement, protecting participants and their loved ones.

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.