Revise the example paper of no more than 1,050 words that answers the following questions for each state: (use the example paper attached as a reference)
• What type of pension fund does the state provide to employees
• How is the pension fund actually funded - who pays for it
• Is the pension fully funded
• What pay and benefits are provided by the pension
• How much is currently in the pension fund
• What is the current pension liability for the state
Compare the different pension funds provided by the group and rank order the funds in terms of the best and worse pensions among the group. Include this comparison in the paper above.
The Pension Funds are as follows.
State of South Carolina
Commonwealth of VA
City of San Jose
Gadsden Independent School District
I attached the sources of Revenue in case you need it.
THE PENSION FUND
State of South Carolina
The State of South Carolina has a cost sharing multiple employer defined benefit pension plan called South Carolina Retirement System (SCRS). The purpose of this system is to provide retirement allowances and other benefits for public school districts and employees of the State and political subdivisions thereof.
Responsible Party for Funding
The Primary Government contributes majority of the fund amount. As a precondition of employment, all employees of covered employers are required to participate and contribute to SCRS.
Pay and Benefits of Pension Plan
Members are eligible to take retirement benefit after they have:
Attained 60 years of age with eight years of earning years
Combination of members age and years of credited service equals or exceeds 90
Benefits commence at July 1 following the year of retirement. Benefits of pension plan are different for different categories of employees.
South Carolina Retirement System (SCRS): For general public it is in form of cost of living adjustment equal to the lesser of 1.00% of their retirement benefit or $500 per annum.
Police Officers Retirement System (PORS): For Police Officers benefit is lesser of 1% of their retirement benefit or $500 per annum.
General Assembly Retirement System (GARS): For members of the General Assembly of the State it is equal to 4.82% of the member's earnable compensation times the members credited service years.
Judges and Solicitors Retirement System (JSRS): For judges and Solicitors of the State retirement benefit is equal to 71.3% of ...
Pension funds for four states have been discussed.