Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Fulton
• 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 Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit program specifically designed for employees of Fulton County, Georgia. This program ensures that eligible employees, upon their retirement, receive a steady and reliable stream of income throughout their post-employment years. The Defined-Benefit Pension Plan and Trust Agreement is an integral part of the overall compensation package provided to Fulton County employees, reinforcing the county's commitment to attracting and retaining top talent. This Fulton Georgia retirement plan is structured as a defined-benefit pension, which means that the ultimate retirement benefit is determined based on a specific formula, typically considering factors like salary history and years of service. Unlike defined-contribution plans, such as a 401(k), where the employee assumes investment risk, the Defined-Benefit Pension Plan guarantees a fixed amount of income after retirement, facilitating stable financial planning. The Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement are well-regulated to ensure the fund's sustainability and longevity. The agreement establishes a trust fund to hold and invest the pension contributions made by both the employees and the county. This trust is managed by a team of experienced investment professionals who allocate the funds strategically to generate returns and grow the assets over time. This prudent investment approach maintains the plan's financial health and safeguards its ability to meet future pension obligations. Within the Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement, various types of benefit options can be offered to employees. These may include different retirement age eligibility requirements, survivor benefits, cost-of-living adjustments, and options for early retirement. The specific provisions and options within the plan are determined through collective bargaining and are subject to periodic review to ensure their alignment with both employee needs and the county's financial capacity. Overall, the Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement serve as a valuable asset for Fulton County employees, providing them with a secure retirement future. It exemplifies the county's dedication to promoting financial well-being and recognizing the invaluable contributions of its workforce.

The Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit program specifically designed for employees of Fulton County, Georgia. This program ensures that eligible employees, upon their retirement, receive a steady and reliable stream of income throughout their post-employment years. The Defined-Benefit Pension Plan and Trust Agreement is an integral part of the overall compensation package provided to Fulton County employees, reinforcing the county's commitment to attracting and retaining top talent. This Fulton Georgia retirement plan is structured as a defined-benefit pension, which means that the ultimate retirement benefit is determined based on a specific formula, typically considering factors like salary history and years of service. Unlike defined-contribution plans, such as a 401(k), where the employee assumes investment risk, the Defined-Benefit Pension Plan guarantees a fixed amount of income after retirement, facilitating stable financial planning. The Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement are well-regulated to ensure the fund's sustainability and longevity. The agreement establishes a trust fund to hold and invest the pension contributions made by both the employees and the county. This trust is managed by a team of experienced investment professionals who allocate the funds strategically to generate returns and grow the assets over time. This prudent investment approach maintains the plan's financial health and safeguards its ability to meet future pension obligations. Within the Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement, various types of benefit options can be offered to employees. These may include different retirement age eligibility requirements, survivor benefits, cost-of-living adjustments, and options for early retirement. The specific provisions and options within the plan are determined through collective bargaining and are subject to periodic review to ensure their alignment with both employee needs and the county's financial capacity. Overall, the Fulton Georgia Defined-Benefit Pension Plan and Trust Agreement serve as a valuable asset for Fulton County employees, providing them with a secure retirement future. It exemplifies the county's dedication to promoting financial well-being and recognizing the invaluable contributions of its workforce.