Los Angeles California Plan de Pensiones de Beneficio Definido y Contrato de Fideicomiso - Defined-Benefit Pension Plan and Trust Agreement

• Category: Fideicomisos - Negocios
• State: Multi-State
• County: Los Angeles
• 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. Los Angeles California Defined-Benefit Pension Plan and Trust Agreement, also known as LA DB Pension Plan and Trust Agreement, is a comprehensive retirement benefit program established by the city of Los Angeles, California. This pension plan is specifically designed to provide eligible employees with a secure and guaranteed retirement income, ensuring their financial stability and well-being during their retirement years. The Los Angeles California Defined-Benefit Pension Plan and Trust Agreement operate on the principle of a defined benefit, meaning that the retirement benefit amount is predetermined based on a formula considering factors such as an employee's salary, years of service, and age at retirement. This ensures that employees receive a fixed monthly income for life once they retire. The plan is administered through a trust agreement, which outlines the legal framework for managing the plan's assets and distributing the benefits to participants. The trust agreement ensures that the pension plan remains secure and that the assets are prudently invested to grow over time, thereby providing stable retirement benefits. The Los Angeles California Defined-Benefit Pension Plan and Trust Agreement offer several types of pension plans, including: 1. General City Employees' Retirement System (GETS) Plan: This plan covers most City of Los Angeles employees, excluding police officers, firefighters, and certain specialized professions. It provides retirement benefits based on a predetermined formula considering the employee's years of service, final compensation, and age at retirement. 2. Los Angeles Fire and Police Pensions (FPP) Plan: This plan is specifically designed for sworn police officers and firefighters employed by the City of Los Angeles. It offers retirement benefits based on a formula that considers the individual's years of service, final compensation, and age at retirement. 3. Water and Power Employees' Retirement Plan (PERP): This plan is exclusive to employees of the Los Angeles Department of Water and Power (LAD WP). Similar to other plans, it provides retirement benefits based on a formula considering years of service, final compensation, and age at retirement. It is important to note that the Los Angeles California Defined-Benefit Pension Plan and Trust Agreement ensures that employees have a steady stream of income during retirement, regardless of market conditions. The pension plan is funded through contributions made by both the employees and the City of Los Angeles, along with returns on investments made by the pension fund. In summary, the Los Angeles California Defined-Benefit Pension Plan and Trust Agreement is a vital retirement benefit program that aims to provide financial security to the city's employees during their retirement years. It offers different types of pension plans catered to various employee categories, ensuring that their dedicated service is rewarded with a reliable and stable income in retirement.

Los Angeles California Defined-Benefit Pension Plan and Trust Agreement, also known as LA DB Pension Plan and Trust Agreement, is a comprehensive retirement benefit program established by the city of Los Angeles, California. This pension plan is specifically designed to provide eligible employees with a secure and guaranteed retirement income, ensuring their financial stability and well-being during their retirement years. The Los Angeles California Defined-Benefit Pension Plan and Trust Agreement operate on the principle of a defined benefit, meaning that the retirement benefit amount is predetermined based on a formula considering factors such as an employee's salary, years of service, and age at retirement. This ensures that employees receive a fixed monthly income for life once they retire. The plan is administered through a trust agreement, which outlines the legal framework for managing the plan's assets and distributing the benefits to participants. The trust agreement ensures that the pension plan remains secure and that the assets are prudently invested to grow over time, thereby providing stable retirement benefits. The Los Angeles California Defined-Benefit Pension Plan and Trust Agreement offer several types of pension plans, including: 1. General City Employees' Retirement System (GETS) Plan: This plan covers most City of Los Angeles employees, excluding police officers, firefighters, and certain specialized professions. It provides retirement benefits based on a predetermined formula considering the employee's years of service, final compensation, and age at retirement. 2. Los Angeles Fire and Police Pensions (FPP) Plan: This plan is specifically designed for sworn police officers and firefighters employed by the City of Los Angeles. It offers retirement benefits based on a formula that considers the individual's years of service, final compensation, and age at retirement. 3. Water and Power Employees' Retirement Plan (PERP): This plan is exclusive to employees of the Los Angeles Department of Water and Power (LAD WP). Similar to other plans, it provides retirement benefits based on a formula considering years of service, final compensation, and age at retirement. It is important to note that the Los Angeles California Defined-Benefit Pension Plan and Trust Agreement ensures that employees have a steady stream of income during retirement, regardless of market conditions. The pension plan is funded through contributions made by both the employees and the City of Los Angeles, along with returns on investments made by the pension fund. In summary, the Los Angeles California Defined-Benefit Pension Plan and Trust Agreement is a vital retirement benefit program that aims to provide financial security to the city's employees during their retirement years. It offers different types of pension plans catered to various employee categories, ensuring that their dedicated service is rewarded with a reliable and stable income in retirement.

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.