"Pension contributions" refers to the money that a person or employer sets aside regularly into a retirement savings account. It is a way of saving money for the future so that when a person retires, they will have a source of income to support themselves.
Full definition
They think the government is covering up the real reason for the proposed increase
in pension contributions, from 6.4 % to 9.5 %.
In the past, strong investment returns allowed state and local governments to practically avoid making
pension contributions for extended periods of time.
And it can encourage people to plan for their pensions by
making pension contributions automatic for everyone who does not explicitly opt out of the system.
In order to pay down the current debt, the state increased
pension contribution rates that are deducted from a teacher's paycheck.
Instead, budgets were being cut in real terms as the government had frozen per pupil funding and loaded on extra costs such as
higher pension contributions, the statement added.
In our view, a teacher who works 10 years or 30 years should accrue pension wealth roughly equivalent to
total pension contributions (with accumulated returns).
All three towns had seen revenue such as the mortgage recording taxes drop sharply with the financial crisis of 2008 at the same time that municipal costs,
including pension contributions, went up.
He and others said the next state budget — education aid makes up one - third of it — could face stiff pressures, especially with commitments to make required
state pension contributions.
But taxpayer costs would have to be much higher
if pension contributions were based on the much more conservative rules applied to private funds.
The research says
lowering pension contributions for company plans — such as defined - benefit vehicles — would put more money in the pockets of families that are raising kids and paying down mortgages.
Typically, regulators require them to do so with extra
pension contributions over a period of five to 10 years, until the deficit is fully eliminated.
We're very concerned, the existing [
pension contribution] increase has already put enormous pressure on schools and directly goes on to pay roll costs.
For years, the city has picked up most of the 9 percent contribution required of teachers — meaning they end up sending 2 percent of their salaries
toward pension contributions.
More than half of
current pension contributions are required simply to pay down the pension debt instead of for new benefits for current workers.
Figure 2 illustrates this point by
comparing pension contributions and benefits for «same - vintage» senior teachers, principals, and superintendents, and the much younger novice teachers.
«Items like the level
of pension contributions and how to control overtime abuse are acceptable areas for discussion and debate,» the comptroller said.
Pension costs attributable to
pension contribution rate increases of more than two percentage points in a given year are not subject to the new property tax cap.
In our view, a teacher who works ten years or thirty years should accrue pension wealth roughly equivalent to
total pension contributions (with accumulated returns).
Even with the state's recent tax increase, there is simply not enough money to make
higher pension contributions and fund critical services like education.
The department paid # 4.2 m on wages, national insurance and
pension contributions for suspended teachers during that period.
Even though an employer's
pension contributions do not go directly to an employee, they should still be included when calculating a week's pay.
The share of the state's revenues going
toward pension contributions has more than doubled — from 6 % of the state's operating budget in 2008 to 15 % in 2013.
One thing is certain: the rise in
pension contributions from September, a hike in national insurance payments and flat cash in the coming years, will stretch school finances.
The impact of the pay freeze will be worsened by the increase in
teacher pension contributions planned by the Government, and by continued high levels of inflation.
But Treasury analysis found the proposed # 30,000 cap on
annual pension contributions would hit those on final salary schemes who receive a promotion late in their careers.
Phrases with «pension contributions»