2019-02-16T10:55:55+00:00 Essays

Pennsylvania Policy: Benefits are Determined for New Hires

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Pennsylvania Policy: Benefits are Determined for New Hires

Instructions:

Write about a Pennsylvania Policy, 5 pages double spaced. Use around 5 sources. The topic you are to write about it Pennsylvania Pensions. http://keystoneresearch.org/issues-guides/pensions

Content:

Name: Institution: Professor: Course: Date: Introduction A pension plan can be conceived as a form of compensation that remits payment to employees after their retirement. Pension plans are consequently determined as either a defined benefit plan or a defined contributive plan. As determined, a defined contributive plan occurs when an employee and employer make periodic contributions to a developed pension account that is either invested in securities or bonds. An employee benefits from this plan from the actual amount contributed on the pension account during his period of retirement. On the other hand, a defined pension plan differs from the defined contributive plan since it does not offer unfunded liabilities. The defined benefit plan occurs in the event that an employee is promised a specified benefit upon retirement. This approach takes consideration of the employee’s period of service, age during the period of retirement and annual earnings. It can be determined that, contribution rates for the defined this type of pension plan is primarily based on an employees fixed periodic contribution that is combined with their generated income from their investments. The employer is required to remit these payments into the pension account with the aim of ensuring that the plan is funded. The local and state governments of Pennsylvania have enacted policies aimed at the establishment of defined benefit plans that are utilized to encourage stable workforces ...


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