Queens New York Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Queens
• 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. Queens New York Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program provided to eligible employees of Queens, New York, that guarantees a fixed, predetermined payment upon retirement. This pension plan and trust agreement are designed to offer financial security and stable income for participants during their retirement years. The Queens New York Defined-Benefit Pension Plan and Trust Agreement is managed by the Queens New York Retirement System, overseen by a board of trustees. The trustees are responsible for the administration, investment, and operation of the pension fund, ensuring the sustainability and long-term viability of the plan. There are different types of Queens New York Defined-Benefit Pension Plan and Trust Agreements, each tailored to specific participant groups. Some of these include: 1. General Employees Plan: This plan covers employees in various departments and agencies within the Queens government. It includes individuals working in administrative roles, public works, parks and recreation, and other non-uniformed positions. 2. Uniformed Personnel Plan: This plan is designed specifically for uniformed employees, such as police officers, firefighters, correction officers, and sanitation workers. It takes into account the unique risks and challenges faced by these professions and provides appropriate retirement benefits. 3. Teachers' Retirement Plan: This plan caters to educators working within the Queens school system. It provides retirement benefits for teachers, administrators, and other education professionals, ensuring a secure post-retirement income for those who have dedicated their careers to shaping young minds. The Queens New York Defined-Benefit Pension Plan and Trust Agreement offers participants several advantages. Firstly, it guarantees a fixed retirement benefit based on a predetermined formula, typically dependent on factors such as years of service and final average salary. This predictable income stream allows retirees to plan for their future and maintain a comfortable lifestyle. Secondly, the plan offers inflation protection, ensuring that the pension benefits keep pace with the rising cost of living. This helps safeguard the purchasing power of retirees over time, reducing the risk of financial distress during retirement. Furthermore, the Queens New York Defined-Benefit Pension Plan and Trust Agreement provide survivors' benefits that ensure financial support for the spouses and dependents of deceased plan participants. This feature offers additional peace of mind to participants, knowing their loved ones will be taken care of in the event of their untimely demise. In conclusion, the Queens New York Defined-Benefit Pension Plan and Trust Agreement is a valuable retirement benefit offered to eligible employees within the Queens government and school system. It provides a secure and predictable income stream, inflation protection, and survivors' benefits, ensuring financial stability and peace of mind for retired individuals and their families.

Queens New York Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program provided to eligible employees of Queens, New York, that guarantees a fixed, predetermined payment upon retirement. This pension plan and trust agreement are designed to offer financial security and stable income for participants during their retirement years. The Queens New York Defined-Benefit Pension Plan and Trust Agreement is managed by the Queens New York Retirement System, overseen by a board of trustees. The trustees are responsible for the administration, investment, and operation of the pension fund, ensuring the sustainability and long-term viability of the plan. There are different types of Queens New York Defined-Benefit Pension Plan and Trust Agreements, each tailored to specific participant groups. Some of these include: 1. General Employees Plan: This plan covers employees in various departments and agencies within the Queens government. It includes individuals working in administrative roles, public works, parks and recreation, and other non-uniformed positions. 2. Uniformed Personnel Plan: This plan is designed specifically for uniformed employees, such as police officers, firefighters, correction officers, and sanitation workers. It takes into account the unique risks and challenges faced by these professions and provides appropriate retirement benefits. 3. Teachers' Retirement Plan: This plan caters to educators working within the Queens school system. It provides retirement benefits for teachers, administrators, and other education professionals, ensuring a secure post-retirement income for those who have dedicated their careers to shaping young minds. The Queens New York Defined-Benefit Pension Plan and Trust Agreement offers participants several advantages. Firstly, it guarantees a fixed retirement benefit based on a predetermined formula, typically dependent on factors such as years of service and final average salary. This predictable income stream allows retirees to plan for their future and maintain a comfortable lifestyle. Secondly, the plan offers inflation protection, ensuring that the pension benefits keep pace with the rising cost of living. This helps safeguard the purchasing power of retirees over time, reducing the risk of financial distress during retirement. Furthermore, the Queens New York Defined-Benefit Pension Plan and Trust Agreement provide survivors' benefits that ensure financial support for the spouses and dependents of deceased plan participants. This feature offers additional peace of mind to participants, knowing their loved ones will be taken care of in the event of their untimely demise. In conclusion, the Queens New York Defined-Benefit Pension Plan and Trust Agreement is a valuable retirement benefit offered to eligible employees within the Queens government and school system. It provides a secure and predictable income stream, inflation protection, and survivors' benefits, ensuring financial stability and peace of mind for retired individuals and their families.