Key Takeaway: An account-based pension is a retirement income stream that provides regular payments from an individual’s superannuation account. It is a popular choice for those who are retired or approaching retirement age and want to use their superannuation savings to fund their retirement. To be eligible for an account-based pension, an individual must have…
Key Takeaway: Sully, a pilot who famously landed a plane on the Hudson River in 2009, lost his pension due to his involvement in a labor dispute with his former employer, US Airways. An investigation found that Sully had participated in a work slowdown, which violated the Railway Labor Act and led to his termination….
Key Takeaway: Eligibility for SERS Pension: To be eligible for a SERS Pension, one must have worked in an eligible position for a minimum number of years, typically between 5 and 10 years. SERS Pension Plan Options: SERS offers two pension plan options: a Defined Benefit Plan and a Defined Contribution Plan. The Defined Benefit…
Key Takeaway: Notify the pension provider of the death: To initiate the process of claiming for pension benefits, you need to notify the pension provider of the death. This can be done by contacting them through phone, email, or post. Provide necessary details: While notifying the pension provider, you need to provide the necessary details…
Key Takeaway: Additional State Pension is an extension of the basic State Pension provided by the UK government and is based on an individual’s National Insurance contributions. It is designed to provide additional income to individuals who contribute more than the basic requirement. To qualify for Additional State Pension, an individual must be eligible for…
Key Takeaway: Government employees, teachers, police officers, firefighters, military personnel, healthcare professionals, union workers, and corporate executives are among the jobs that commonly offer pension plans. There are different types of pension plans, including defined benefit plans, defined contribution plans, and hybrid plans. It’s important to understand the differences and choose the plan that best…
Key Takeaway: Members of Congress who voted for veterans pension cuts include senators and representatives whose names can be found in the legislative records. These individuals believed that the cuts were necessary to balance the budget and address the increasing costs of veterans’ benefits. Reasons for supporting veterans pension cuts include arguments for fiscal responsibility…
Key Takeaway: Atal Pension Yojana is a government pension scheme launched in 2015 to provide retirement benefits to unorganized sector workers. The eligibility criteria for the scheme includes individuals between the ages of 18-40 years who contribute for a minimum of 20 years towards the scheme. There are two types of accounts available under the…
Key Takeaway: FedEx Pension Plan is a defined benefit plan, providing retirement benefits that are based on an employee’s years of service and highest average earnings. Eligibility for the plan requires you to be at least 21 years old and have completed a year of service with FedEx. The plan also features vesting periods, which…
Key Takeaway: A doctor’s pension is an important aspect of their retirement plan, which is typically based on the number of years of service, average salary earned, and the pension scheme utilized during their career. The amount of a doctor’s pension can vary greatly based on these factors, with longer years of service and higher…
Key Takeaways: Pension income is a type of retirement income that is typically paid out by an employer-sponsored plan or government program to provide financial support in retirement. There are two main types of pension income: defined benefit pension plans, which offer a guaranteed retirement income based on a formula that takes into account factors…
Key Takeaway: OAS Pension is a monthly payment from the Canadian government to seniors aged 65 and above who meet the eligibility criteria. It is a part of the Old Age Security Program that aims to provide financial support to seniors. The maximum amount of OAS Pension in Canada for 2021 is $615.37 per month….