Harris Texas Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Harris
• 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 Harris Texas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan that provides eligible employees in Harris County, Texas with a secure and reliable income stream upon retirement. This plan is designed to ensure financial stability and peace of mind for employees by offering a fixed monthly benefit based on salary and years of service. Keywords: Harris Texas, Defined-Benefit, Pension Plan, Trust Agreement, retirement, eligible employees, Harris County, Texas, income stream, financial stability, peace of mind, fixed monthly benefit, salary, years of service. There are different types of Harris Texas Defined-Benefit Pension Plan and Trust Agreement based on the specific roles and responsibilities of employees. Some variations may include: 1. Harris Texas Firefighters Defined-Benefit Pension Plan and Trust Agreement: This plan is tailored to firefighters employed by the Harris County Fire Department. It provides firefighters with a pension benefit that is calculated based on their salary and years of service. 2. Harris Texas Police Officers Defined-Benefit Pension Plan and Trust Agreement: Designed for police officers working for the Harris County Sheriff's Office or local police departments, this plan offers a pension benefit determined by factors such as salary and years of service. 3. Harris Texas County Employees Defined-Benefit Pension Plan and Trust Agreement: This variant of the plan is available to full-time county employees, excluding firefighters and police officers. It ensures that eligible county workers can receive a dependable pension based on their salary and years of service. 4. Harris Texas Judicial Employees Defined-Benefit Pension Plan and Trust Agreement: Specifically for employees in the judicial sector, including judges and court personnel, this plan guarantees a pension benefit based on salary and years of service dedicated to the Harris County justice system. In summary, the Harris Texas Defined-Benefit Pension Plan and Trust Agreement is a retirement program that offers various versions to cater to different employee groups in Harris County, Texas. It aims to provide participants with financial security during their retirement years, granting them a fixed monthly benefit based on their salary and years of service.

The Harris Texas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan that provides eligible employees in Harris County, Texas with a secure and reliable income stream upon retirement. This plan is designed to ensure financial stability and peace of mind for employees by offering a fixed monthly benefit based on salary and years of service. Keywords: Harris Texas, Defined-Benefit, Pension Plan, Trust Agreement, retirement, eligible employees, Harris County, Texas, income stream, financial stability, peace of mind, fixed monthly benefit, salary, years of service. There are different types of Harris Texas Defined-Benefit Pension Plan and Trust Agreement based on the specific roles and responsibilities of employees. Some variations may include: 1. Harris Texas Firefighters Defined-Benefit Pension Plan and Trust Agreement: This plan is tailored to firefighters employed by the Harris County Fire Department. It provides firefighters with a pension benefit that is calculated based on their salary and years of service. 2. Harris Texas Police Officers Defined-Benefit Pension Plan and Trust Agreement: Designed for police officers working for the Harris County Sheriff's Office or local police departments, this plan offers a pension benefit determined by factors such as salary and years of service. 3. Harris Texas County Employees Defined-Benefit Pension Plan and Trust Agreement: This variant of the plan is available to full-time county employees, excluding firefighters and police officers. It ensures that eligible county workers can receive a dependable pension based on their salary and years of service. 4. Harris Texas Judicial Employees Defined-Benefit Pension Plan and Trust Agreement: Specifically for employees in the judicial sector, including judges and court personnel, this plan guarantees a pension benefit based on salary and years of service dedicated to the Harris County justice system. In summary, the Harris Texas Defined-Benefit Pension Plan and Trust Agreement is a retirement program that offers various versions to cater to different employee groups in Harris County, Texas. It aims to provide participants with financial security during their retirement years, granting them a fixed monthly benefit based on their salary and years of service.