What does a defined benefit retirement plan mean?

This means the retirement benefit paid is a guaranteed benefit, based on your salary and your credited service in the ERS. It does not depend on the contributions paid to the ERS, nor the amount of investment income the ERS has earned. 

Show All Answers

1. What is the ERS?
2. Are employee contributions required?
3. What does a defined benefit retirement plan mean?
4. Does the Commission make a contribution?
5. How does being IRS qualified affect you as a member?
6. Who oversees the ERS?
7. Where is the money; is it protected?
8. How much of my pension benefit comes from my contributions?
9. Is there a maximum amount of credited service I can earn?
10. When do I start paying income taxes on my retirement annuity?
11. How does accumulated sick leave affect my benefit?
12. Are loans possible from the plan?
13. What if I don’t leave a surviving spouse or children?
14. When can I expect to receive my first retirement check?
15. How do I apply for retirement benefits?
16. Is there a cost-of-living adjustment to protect against inflation?
17. Is there life insurance when I retire?
18. When is the best time to retire?
19. What deductions are taken from my retirement check?
20. Can I have my benefit check directly deposited into my bank?
21. Is there Disability Retirement?