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Public Retirement Systems
from: Jason BauderWhat is Public Employees' Retirement System? The Public Employee
Retirement System is for government employees except for
teachers and students. This is a mandatory membership and all
members should fill out a form of application at the beginning
of their employment. It is a benefit plan that gives benefits to
employees once they retire. This will be based on the number of
years they rendered service and on their average salary. The
Public Employees Retirement system also covers survivor and
disability protection. The system also allows those with 30
years of service to file for an early retirement. They also
provide death benefits and beneficiary benefits. Every Public
Employee Retirement System of every state is committed to
ensuring the retirement benefits of every employee.
Contributions are deducted from the employee's payrolls. The
amount may vary for every employee depending on their retire
plan and coverage. Currently, the contribution rate is 8.5
percent of the salary of an employee and will increase up to
9.5% in the year 2007. Employer contributions however, range
from 13 to 17%. The benefits that you will get once you retire
are dependent on your contribution and position as well as your
employer's contribution. The benefits are fixed depending on the
legislation set by every state. That is why it is always
recommended for members to know their benefits and coverage so
that they can get the most of their contributions once they
retire. Although the Public Employee Retirement System is
compulsory for all employees, there are still criteria that you
have to meet to become a member. Here are the criteria that you
need to meet to become a member for most states' Public Employee
Retirement Systems: 1. The applicant should be a regular
employee and the annual salary of the applicant should be $1,500
or higher.
2. The applicant's position should be under the coverage of the
Social Security System. Generally, these are some of the most
common grounds for ineligibility: 1. If the person does not meet
the minimum annual salary required which is $1,500.
2. If the applicant is not covered by the Social Security.
3. If you are a temporary employee
4. If you are currently employed by the Job Training Partnership
Act and being paid by their federal funds.
5. Students who are employed by their schools and universities
where they attend regular classes sometimes may not qualify for
the PERS.
6. Inmates in correctional institutions are not eligible.
7. Mental health and retardation patients do not qualify for the
Public Employee Retirement System.
About the author:
Jay is the web owner of http://www.retirement-in.com
website that provides information and resources about
retirement, from retirement planning and calculation, to state
retirement systems and retirement homes. You can also visit his
website at: http://www.thepersonalinjurylawyers.com
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