Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Mecklenburg
• 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 Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement package offered to employees of Mecklenburg County, located in North Carolina, to provide them with financial security and stability during their retirement years. This agreement is designed to guarantee a fixed retirement benefit based on an employee's years of service and final average salary, giving them a predictable income stream upon retirement. Keywords: Mecklenburg North Carolina, Defined-Benefit Pension Plan, Trust Agreement, retirement, financial security, stability, retirement benefit, years of service, final average salary, predictable income stream. This pension plan offers various types of benefits and provisions, tailored to meet the specific needs and circumstances of county employees. Some key types of Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement options include: 1. General Employee Pension Plan: This plan caters to the general employees of Mecklenburg County, providing them with a defined benefit based on a predetermined formula that considers factors like years of service and final average salary. 2. Law Enforcement Officer Retirement Plan: Specifically designed for law enforcement officers serving Mecklenburg County, this plan offers an enhanced benefit structure to acknowledge the unique challenges and risks associated with their profession. 3. Firefighter Retirement Plan: Similar to the Law Enforcement Officer Retirement Plan, the Firefighter Retirement Plan accounts for the specific circumstances faced by firefighters within Mecklenburg County, providing them with a specialized retirement benefit plan. 4. Deferred Retirement Option Plan (DROP): This option allows eligible employees to continue working for a specified period beyond their normal retirement age while also collecting retirement benefits. The benefits accrued during the DROP period are typically held in a separate account or trust and are paid out to the employee upon fully retiring. 5. Cost-of-Living Adjustments (Colas): Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement may include provisions for Colas, which provide periodic adjustments to retirees' benefits to account for inflation and the rising cost of living. It is important for employees to familiarize themselves with the specific provisions and benefits associated with the Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement that they are eligible for, as these may vary based on job classification and years of service. Keywords: General Employee Pension Plan, Law Enforcement Officer Retirement Plan, Firefighter Retirement Plan, Deferred Retirement Option Plan, DROP, Cost-of-Living Adjustments, Colas, retirement benefits, account, trust, job classification.

The Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement package offered to employees of Mecklenburg County, located in North Carolina, to provide them with financial security and stability during their retirement years. This agreement is designed to guarantee a fixed retirement benefit based on an employee's years of service and final average salary, giving them a predictable income stream upon retirement. Keywords: Mecklenburg North Carolina, Defined-Benefit Pension Plan, Trust Agreement, retirement, financial security, stability, retirement benefit, years of service, final average salary, predictable income stream. This pension plan offers various types of benefits and provisions, tailored to meet the specific needs and circumstances of county employees. Some key types of Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement options include: 1. General Employee Pension Plan: This plan caters to the general employees of Mecklenburg County, providing them with a defined benefit based on a predetermined formula that considers factors like years of service and final average salary. 2. Law Enforcement Officer Retirement Plan: Specifically designed for law enforcement officers serving Mecklenburg County, this plan offers an enhanced benefit structure to acknowledge the unique challenges and risks associated with their profession. 3. Firefighter Retirement Plan: Similar to the Law Enforcement Officer Retirement Plan, the Firefighter Retirement Plan accounts for the specific circumstances faced by firefighters within Mecklenburg County, providing them with a specialized retirement benefit plan. 4. Deferred Retirement Option Plan (DROP): This option allows eligible employees to continue working for a specified period beyond their normal retirement age while also collecting retirement benefits. The benefits accrued during the DROP period are typically held in a separate account or trust and are paid out to the employee upon fully retiring. 5. Cost-of-Living Adjustments (Colas): Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement may include provisions for Colas, which provide periodic adjustments to retirees' benefits to account for inflation and the rising cost of living. It is important for employees to familiarize themselves with the specific provisions and benefits associated with the Mecklenburg North Carolina Defined-Benefit Pension Plan and Trust Agreement that they are eligible for, as these may vary based on job classification and years of service. Keywords: General Employee Pension Plan, Law Enforcement Officer Retirement Plan, Firefighter Retirement Plan, Deferred Retirement Option Plan, DROP, Cost-of-Living Adjustments, Colas, retirement benefits, account, trust, job classification.