Nassau New York Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Nassau
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service Nassau New York Retirement Benefits Plan is a comprehensive retirement plan designed to provide financial security and stability to retirees in the Nassau County, New York region. It offers several types of retirement benefits to eligible individuals, ensuring a comfortable post-employment life. One of the primary retirement benefits offered under the Nassau New York Retirement Benefits Plan is a defined benefit pension plan. This plan guarantees a specific monthly income to retirees based on their years of service, final average salary, and a multiplier. It ensures a steady stream of income throughout retirement, allowing individuals to maintain their standard of living. Another type of retirement benefit provided by Nassau New York is a defined contribution plan. This plan allows employees to contribute a portion of their salary to a retirement account, usually through payroll deductions. The employer may also make matching contributions to enhance the retirement savings. The funds accumulated in these accounts are then invested in various financial instruments, such as stocks, bonds, and mutual funds. Upon retirement, individuals can access these funds and use them to cover their expenses. Nassau New York Retirement Benefits Plan also offers retiree health benefits, which provide comprehensive medical coverage. These benefits help retirees pay for healthcare expenses, including doctor's visits, hospital stays, prescription drugs, and preventive care. This coverage ensures that retirees can maintain their health and well-being during their post-employment years without incurring substantial out-of-pocket costs. Additionally, the plan includes a range of other benefits to assist retirees in meeting their financial needs. These may include life insurance, long-term care insurance, and death benefits. Life insurance provides a payout to designated beneficiaries upon the retiree's passing, helping to secure their financial future. Long-term care insurance helps cover the costs associated with nursing homes, assisted living facilities, or in-home care if required during retirement. Death benefits offer financial support to surviving family members by providing a lump sum or ongoing payments. Overall, the Nassau New York Retirement Benefits Plan ensures that retirees in the Nassau County area have access to a comprehensive package of retirement benefits. Whether it's the defined benefit pension plan, defined contribution plan, retiree health benefits, life insurance, long-term care insurance, or death benefits, this plan caters to varied retirement needs. By providing a solid financial foundation, it aims to enhance the retirement experience and provide peace of mind for retirees in Nassau County.

Nassau New York Retirement Benefits Plan is a comprehensive retirement plan designed to provide financial security and stability to retirees in the Nassau County, New York region. It offers several types of retirement benefits to eligible individuals, ensuring a comfortable post-employment life. One of the primary retirement benefits offered under the Nassau New York Retirement Benefits Plan is a defined benefit pension plan. This plan guarantees a specific monthly income to retirees based on their years of service, final average salary, and a multiplier. It ensures a steady stream of income throughout retirement, allowing individuals to maintain their standard of living. Another type of retirement benefit provided by Nassau New York is a defined contribution plan. This plan allows employees to contribute a portion of their salary to a retirement account, usually through payroll deductions. The employer may also make matching contributions to enhance the retirement savings. The funds accumulated in these accounts are then invested in various financial instruments, such as stocks, bonds, and mutual funds. Upon retirement, individuals can access these funds and use them to cover their expenses. Nassau New York Retirement Benefits Plan also offers retiree health benefits, which provide comprehensive medical coverage. These benefits help retirees pay for healthcare expenses, including doctor's visits, hospital stays, prescription drugs, and preventive care. This coverage ensures that retirees can maintain their health and well-being during their post-employment years without incurring substantial out-of-pocket costs. Additionally, the plan includes a range of other benefits to assist retirees in meeting their financial needs. These may include life insurance, long-term care insurance, and death benefits. Life insurance provides a payout to designated beneficiaries upon the retiree's passing, helping to secure their financial future. Long-term care insurance helps cover the costs associated with nursing homes, assisted living facilities, or in-home care if required during retirement. Death benefits offer financial support to surviving family members by providing a lump sum or ongoing payments. Overall, the Nassau New York Retirement Benefits Plan ensures that retirees in the Nassau County area have access to a comprehensive package of retirement benefits. Whether it's the defined benefit pension plan, defined contribution plan, retiree health benefits, life insurance, long-term care insurance, or death benefits, this plan caters to varied retirement needs. By providing a solid financial foundation, it aims to enhance the retirement experience and provide peace of mind for retirees in Nassau County.