A public pension is a retirement plan that is sponsored and paid for by the government, typically for employees in the public sector. These plans are designed to provide a steady source of income during retirement for individuals who have worked in jobs such as teachers, police officers or firefighters. The amount of benefit received depends on factors like years of service, salary history, and age at retirement. Public pensions are funded through contributions from employees, employers, and sometimes the government itself. They operate similarly to private sector defined-benefit plans but with some differences in eligibility requirements and benefits.