Tarrant Texas Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Tarrant
• 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 Tarrant, Texas Defined-Benefit Pension Plan and Trust Agreement, commonly known as the Tarrant Pension Plan, is a retirement benefit program specifically designed for employees of the Tarrant County, Texas municipality. This plan offers eligible employees a secure and steady stream of income during their retirement years. The Tarrant Pension Plan is a fully funded and professionally managed program that ensures retirement security for its members. The Tarrant Pension Plan is a defined-benefit plan, which means that the retirement benefits are calculated based on a formula that takes into account various factors such as an employee's salary history, years of service, and age at retirement. The plan provides a guaranteed and predictable benefit amount, aiming to provide financial stability and peace of mind for retirees. Under the Tarrant Pension Plan, employees are required to contribute a portion of their earnings towards the plan, which is then combined with contributions made by the municipality. These contributions are invested and managed by professional financial experts to generate returns that help fund the retirement benefits. The Tarrant Pension Plan and Trust Agreement is overseen by a governing body, often referred to as the plan administrator or pension board. Their main responsibility is to ensure that the plan remains fully funded and financially sustainable over the long term. They monitor the investment performance, adjust contribution rates if necessary, and periodically review the plan's provisions to maintain compliance with state and federal regulations. It is important to note that while the Tarrant Pension Plan is the primary retirement benefit program for Tarrant County employees, there may be variations or additional plans offered to certain employee groups. For example, public safety personnel such as police officers and firefighters often have their own specialized pension plans, tailored to the unique demands and requirements of their profession. Overall, the Tarrant, Texas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program aimed at providing eligible employees with a stable and secure income source after their service to the municipality. With its professionally managed investments and guarantee of retirement benefits, the plan offers Tarrant County employees the confidence to plan their retirement with peace of mind.

The Tarrant, Texas Defined-Benefit Pension Plan and Trust Agreement, commonly known as the Tarrant Pension Plan, is a retirement benefit program specifically designed for employees of the Tarrant County, Texas municipality. This plan offers eligible employees a secure and steady stream of income during their retirement years. The Tarrant Pension Plan is a fully funded and professionally managed program that ensures retirement security for its members. The Tarrant Pension Plan is a defined-benefit plan, which means that the retirement benefits are calculated based on a formula that takes into account various factors such as an employee's salary history, years of service, and age at retirement. The plan provides a guaranteed and predictable benefit amount, aiming to provide financial stability and peace of mind for retirees. Under the Tarrant Pension Plan, employees are required to contribute a portion of their earnings towards the plan, which is then combined with contributions made by the municipality. These contributions are invested and managed by professional financial experts to generate returns that help fund the retirement benefits. The Tarrant Pension Plan and Trust Agreement is overseen by a governing body, often referred to as the plan administrator or pension board. Their main responsibility is to ensure that the plan remains fully funded and financially sustainable over the long term. They monitor the investment performance, adjust contribution rates if necessary, and periodically review the plan's provisions to maintain compliance with state and federal regulations. It is important to note that while the Tarrant Pension Plan is the primary retirement benefit program for Tarrant County employees, there may be variations or additional plans offered to certain employee groups. For example, public safety personnel such as police officers and firefighters often have their own specialized pension plans, tailored to the unique demands and requirements of their profession. Overall, the Tarrant, Texas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program aimed at providing eligible employees with a stable and secure income source after their service to the municipality. With its professionally managed investments and guarantee of retirement benefits, the plan offers Tarrant County employees the confidence to plan their retirement with peace of mind.