Idaho Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• Control #: US-1073BG
• Format: Word; Rich Text

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 Idaho Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan established by the state of Idaho to provide financial security to its employees upon their retirement. This plan is designed to offer a fixed, predetermined benefit based on factors such as salary, years of service, and age, rather than relying on investment returns. Keywords: Idaho, Defined-Benefit Pension Plan, Trust Agreement, retirement plan, financial security, employees, fixed benefit, salary, years of service, age, investment returns. There are different types of Idaho Defined-Benefit Pension Plan and Trust Agreements, each catering to specific groups of employees. These variations ensure that the plan meets the diverse needs of Idaho's workforce. Some notable types include: 1. Idaho State Employee Pension Plan: This type of Defined-Benefit Pension Plan and Trust Agreement caters to state employees working in various departments, agencies, and institutions across the state. It offers retirement benefits based on their respective salaries, years of service, and age at the time of retirement. 2. Idaho Public Safety Pension Plan: Tailored specifically for public safety employees such as police officers, firefighters, and correctional officers, this Defined-Benefit Pension Plan and Trust Agreement recognizes the unique demands and risks associated with their professions. It ensures that these individuals receive appropriate financial support during their retirement. 3. Idaho Teacher Retirement System: Educators play a vital role in shaping Idaho's future, and this Defined-Benefit Pension Plan and Trust Agreement is specifically designed to meet the retirement needs of teachers and educational staff. It provides retirement benefits based on their salary, years of service, and age, thus acknowledging their dedicated contributions to the education sector. 4. Idaho Judicial Retirement System: Aimed at judges, magistrates, and other members of the judiciary, this Defined-Benefit Pension Plan and Trust Agreement ensures that Idaho's legal system retains experienced and knowledgeable professionals. It offers retirement benefits commensurate with their service and allows them to retire with financial stability. By tailoring the Idaho Defined-Benefit Pension Plan and Trust Agreement to different employee categories, Idaho ensures that each group receives the benefits and support they deserve. These plans contribute to the overall well-being of the state's workforce and enable employees to retire with confidence and peace of mind.

The Idaho Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan established by the state of Idaho to provide financial security to its employees upon their retirement. This plan is designed to offer a fixed, predetermined benefit based on factors such as salary, years of service, and age, rather than relying on investment returns. Keywords: Idaho, Defined-Benefit Pension Plan, Trust Agreement, retirement plan, financial security, employees, fixed benefit, salary, years of service, age, investment returns. There are different types of Idaho Defined-Benefit Pension Plan and Trust Agreements, each catering to specific groups of employees. These variations ensure that the plan meets the diverse needs of Idaho's workforce. Some notable types include: 1. Idaho State Employee Pension Plan: This type of Defined-Benefit Pension Plan and Trust Agreement caters to state employees working in various departments, agencies, and institutions across the state. It offers retirement benefits based on their respective salaries, years of service, and age at the time of retirement. 2. Idaho Public Safety Pension Plan: Tailored specifically for public safety employees such as police officers, firefighters, and correctional officers, this Defined-Benefit Pension Plan and Trust Agreement recognizes the unique demands and risks associated with their professions. It ensures that these individuals receive appropriate financial support during their retirement. 3. Idaho Teacher Retirement System: Educators play a vital role in shaping Idaho's future, and this Defined-Benefit Pension Plan and Trust Agreement is specifically designed to meet the retirement needs of teachers and educational staff. It provides retirement benefits based on their salary, years of service, and age, thus acknowledging their dedicated contributions to the education sector. 4. Idaho Judicial Retirement System: Aimed at judges, magistrates, and other members of the judiciary, this Defined-Benefit Pension Plan and Trust Agreement ensures that Idaho's legal system retains experienced and knowledgeable professionals. It offers retirement benefits commensurate with their service and allows them to retire with financial stability. By tailoring the Idaho Defined-Benefit Pension Plan and Trust Agreement to different employee categories, Idaho ensures that each group receives the benefits and support they deserve. These plans contribute to the overall well-being of the state's workforce and enable employees to retire with confidence and peace of mind.