Pima Arizona Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Pima
• 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 Lima Arizona Defined-Benefit Pension Plan and Trust Agreement is a retirement plan offered to employees of Pima County, Arizona. It provides a defined-benefit structure, meaning that the retirement income is predetermined based on factors such as the employee's salary history and years of service. This plan helps to ensure a steady and predictable stream of income during retirement. The Lima Arizona Defined-Benefit Pension Plan and Trust Agreement is designed to help employees build a secure financial future by offering a guaranteed retirement benefit. It is an employer-sponsored plan, with contributions made by both the employee and Pima County. The plan is managed by a trust, which is responsible for investing the contributions and disbursing the retirement benefits. This particular pension plan has different types based on the employee's role and eligibility. One type of Lima Arizona Defined-Benefit Pension Plan and Trust Agreement is available for general employees, covering a wide range of roles across various county departments. Another type is specifically tailored for public safety employees, such as police officers and firefighters, who face unique risks and demands in their line of duty. The Lima Arizona Defined-Benefit Pension Plan and Trust Agreement provides benefits to eligible employees upon reaching a specified retirement age or after completing a certain number of years in service. The retirement benefits are calculated using a predetermined formula, taking into account factors like the employee's average salary and years of service. This pension plan also offers protection to employees in the form of survivor benefits. In the event of an employee's death, the plan ensures that a portion of the retirement benefit will continue to be paid to the designated beneficiaries, such as a spouse or dependent children. Additionally, the Lima Arizona Defined-Benefit Pension Plan and Trust Agreement offers employees options for disability benefits. If an eligible employee becomes disabled and is unable to work, the plan provides a portion of the retirement benefit as income replacement, ensuring financial stability during unforeseen circumstances. Overall, the Lima Arizona Defined-Benefit Pension Plan and Trust Agreement serves as a valuable retirement savings tool for employees of Pima County. It provides a secure and predictable income stream after years of dedicated service, ensuring a comfortable retirement.

The Lima Arizona Defined-Benefit Pension Plan and Trust Agreement is a retirement plan offered to employees of Pima County, Arizona. It provides a defined-benefit structure, meaning that the retirement income is predetermined based on factors such as the employee's salary history and years of service. This plan helps to ensure a steady and predictable stream of income during retirement. The Lima Arizona Defined-Benefit Pension Plan and Trust Agreement is designed to help employees build a secure financial future by offering a guaranteed retirement benefit. It is an employer-sponsored plan, with contributions made by both the employee and Pima County. The plan is managed by a trust, which is responsible for investing the contributions and disbursing the retirement benefits. This particular pension plan has different types based on the employee's role and eligibility. One type of Lima Arizona Defined-Benefit Pension Plan and Trust Agreement is available for general employees, covering a wide range of roles across various county departments. Another type is specifically tailored for public safety employees, such as police officers and firefighters, who face unique risks and demands in their line of duty. The Lima Arizona Defined-Benefit Pension Plan and Trust Agreement provides benefits to eligible employees upon reaching a specified retirement age or after completing a certain number of years in service. The retirement benefits are calculated using a predetermined formula, taking into account factors like the employee's average salary and years of service. This pension plan also offers protection to employees in the form of survivor benefits. In the event of an employee's death, the plan ensures that a portion of the retirement benefit will continue to be paid to the designated beneficiaries, such as a spouse or dependent children. Additionally, the Lima Arizona Defined-Benefit Pension Plan and Trust Agreement offers employees options for disability benefits. If an eligible employee becomes disabled and is unable to work, the plan provides a portion of the retirement benefit as income replacement, ensuring financial stability during unforeseen circumstances. Overall, the Lima Arizona Defined-Benefit Pension Plan and Trust Agreement serves as a valuable retirement savings tool for employees of Pima County. It provides a secure and predictable income stream after years of dedicated service, ensuring a comfortable retirement.