The term
"generous pensions" refers to retirement plans or allowances that provide a substantial amount of money to individuals after they stop working.
Full definition
Public worker unions are beginning to launch a series of television ads opposing the new,
less generous pension tier for future state workers.
The youngest members received no such protection and were required to immediately transfer to the new and less
generous pension scheme for future service.
Their pitch, aimed at military and government retirees with
generous pension benefits and those with bad credit, is mighty appealing: You can receive cash now to pay for today's bills.
So if you're making good money as an employee, this strategy won't help much, nor will it greatly help if you
enjoy generous pension benefits.
Depending on
how generous your pension plan is, the amount you are able to contribute to your RRSP may be substantially reduced.
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Mr. Fusco began the press conference by arguing that the challenge was based on what he claimed were Mr. Lynch's failures to secure a contract from the city since 2010, and to stop former Gov. David Paterson from vetoing a bill that would have allowed new recruits to enter the department under an older,
more generous pension plan.
At the same time, Astorino wants to strengthen the state's Freedom of Information laws, create a new, less
generous pension system for incoming state lawmakers and overhaul campaign - finance laws by restricting the peronsal use of funds.
She admitted public employees were easy targets for the governor and Republican lawmakers because
of generous pensions and benefits, which Bell noted were mostly a result of former Republican Gov. Tommy Thompson's qualified economic offer law that gave better benefits in return for salary concessions to public school employees several years ago.
During his unprecedented tenure, the Fund has grown from $ 94 million to $ 420 million, while
providing generous pensions and allowing for the lowest employer cost ratio in the state.
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The former assemblyman is enrolled in the
most generous pension tier system, and should collect $ 90,750 a year — more than most New Yorkers make in the private sector.
Such people will in some cases lose their child benefit, paid to recognise the costs of raising children who, in due course, will face higher tuition fees and - still later - less
generous pension tax breaks.
Tier 2 offers worse benefits for new teachers: it has a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer years to collect pension payments over a lifetime), a less
generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower COLA.
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Superintendents of failing schools making 300K or more per year is no dirrent than banks and wallstreet.Lifetime
over generous pensions regarless of performance.
Also, perhaps the reason Obama gave more to charity once he took office is because once you become President, you don't need to worry about money any more: speaker fees, money for writing books, and, IIRC, they get an
automatic generous pension for the rest of their lives.
Meanwhile, legislative leaders have told the governor they don't believe a «memorandum of understanding» the administration inked with unions in exchange for their endorsement of a less
generous pension program is legally binding — if only because it wasn't signed by Paterson.
But there is a vast difference between the
rather generous pensions that public employees are guaranteed, and the more than generous ones that many have learned can be had, if one knows how to work the system.
Because if we want to protect those things we care about,
like generous pensions and decent healthcare, and buy the best equipment for the brave men and women who fight in our armed forces, all of us are going to have to confront the costs of modern government — and cap working age welfare bills.
His administration has been responsible for a significant portion of the growth in city pension costs,
offering generous pension sweeteners during contract negotiations and repeatedly missing opportunities to rein in spending.
He pushed for a less -
generous pension package for newly hired workers, which will reduce burdens in the long term, and a system that lets municipalities amortize their payments to get through a current spike.
Proposals: Chancellor George Osborne will publish plans that could see public sector workers transferred to less
generous pensions Public sector workers could see their «gold - plated» pensions slashed to make it easier to transfer services to private firms and charities.
The financial «mugging» of Private Sector Taxpayers to fund the
absurdly generous pensions and benefits of Public Sector workers (EVERYWHERE) must end.
Those in favour of pure Defined Benefit (DB) pension plans have criticized Bill C - 27, saying it would allow federally regulated employers to replace DB plans, which provide a guaranteed retirement income for life with no risk, with Target Benefit Plans (TBPs) which are
also generous pensions but because they count on employees taking on some risk, final retirement guaranteed payments may not be as iron - glad.
Public pension crisis: States across the country face structural budget deficits as a result of too -
generous pension promises made to their employees.
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Last year Cuomo successfully pushed through a new, less
generous pension tier over the opposition of public - sector labor unions.
Finally, the Shaws need to realize that police officers such as Matthew stand to collect a
very generous pension in retirement.
He told MPs yesterday: «I think when people will see it, they will see it is fair: fair to the public sector, people in the public sector will get a much
more generous pension than is available in almost any part of the private sector; but it is also fair to the taxpayers.»
Along those lines, I'm hearing that former budget director Art Smith and deputy executive Marshall Beckman, recently retired
with generous pensions, are back in harness as «contract employees» in the executive branch.
Prior to 1996, Oregon offered its teachers what the authors call «one of the
most generous pension plans ever devised.»
But those numbers will start deteriorating again, with 400,000 more elderly poor by 2022: a sure sign that a pensions lock and
generous pension tax credits are a necessary bulwark against hardship in old age.
Tier II imposes on teachers a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer retirement years to collect a pension), a less
generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower, uncompounded cost - of - living adjustment (COLA).
Between 1976 and 2009, each of New York's governors have signed off on a provision that retained benefits for newly hired police officers and firefighters, protecting them from less
generous pension plans for other recently hired state and local employees.
In Jon Lender's column «Pension Payoff: Big Jump» [March 29], he describes a very
generous pension system for state employees.
BBC political editor Nick Robinson says the body will back a rise for after the 2015 election but will recommend a
less generous pension scheme.
«This social contract between employer and employee basically said, «If you come to work every day, and you work hard, and you give the corporation a measure of loyalty, we in turn will take care of you, often for the rest of your life, by extending healthcare and
generous pensions to retirees.»»
At the higher level, though, salaries can be impressive, ranging from the low to mid six figures, with solid benefits and
a generous pension.