Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Maricopa
• 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 Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program offered to public employees in Maricopa, Arizona. This plan is designed to provide a stable and secure retirement income for eligible participants. The Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement is one of the retirement options available to public employees in Maricopa County. It aims to ensure financial security during retirement by offering a fixed monthly benefit based on years of service, final average salary, and a predetermined formula. This pension plan is funded through a combination of employee and employer contributions, along with investments made by the trust agreement. The trust agreement is responsible for managing the pension fund to ensure its growth and stability, ultimately providing retiree benefits as promised. Some types of Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreements may include: 1. General Employees Plan: This type of plan caters to public employees in non-public safety roles, such as administrative staff, clerks, accountants, and maintenance personnel. 2. Public Safety Plan: This plan is specifically tailored for public safety employees, including police officers, firefighters, and emergency service personnel. Given the unique nature of their roles and potential risks involved, they often have separate provisions within the Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement. 3. Elected Officials Plan: This plan covers elected officials who serve in different positions within the Maricopa County government structure, such as county supervisors, mayors, council members, and other elected positions. Each type of Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement may have specific details and eligibility criteria, but they generally share the objective of providing a reliable retirement income source for public employees. It is crucial for participants to review the specific plan details, including contribution rates, vesting periods, and retirement age requirements.

The Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program offered to public employees in Maricopa, Arizona. This plan is designed to provide a stable and secure retirement income for eligible participants. The Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement is one of the retirement options available to public employees in Maricopa County. It aims to ensure financial security during retirement by offering a fixed monthly benefit based on years of service, final average salary, and a predetermined formula. This pension plan is funded through a combination of employee and employer contributions, along with investments made by the trust agreement. The trust agreement is responsible for managing the pension fund to ensure its growth and stability, ultimately providing retiree benefits as promised. Some types of Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreements may include: 1. General Employees Plan: This type of plan caters to public employees in non-public safety roles, such as administrative staff, clerks, accountants, and maintenance personnel. 2. Public Safety Plan: This plan is specifically tailored for public safety employees, including police officers, firefighters, and emergency service personnel. Given the unique nature of their roles and potential risks involved, they often have separate provisions within the Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement. 3. Elected Officials Plan: This plan covers elected officials who serve in different positions within the Maricopa County government structure, such as county supervisors, mayors, council members, and other elected positions. Each type of Maricopa Arizona Defined-Benefit Pension Plan and Trust Agreement may have specific details and eligibility criteria, but they generally share the objective of providing a reliable retirement income source for public employees. It is crucial for participants to review the specific plan details, including contribution rates, vesting periods, and retirement age requirements.