Tag: pensions

Scavenger,(local,Government,Staff),Sweeping,Leaves,On,Ground,With,Brick

Abstract Federal law allows certain state and local government employees to be excluded from Social Security if they are covered by an employer pension of sufficient generosity.  As a result, approximately one-quarter of state and local workers are not covered by Social Security on their current job.  Before COVID-19, these “FICA replacement plans” all satisfied…

Teacher teaching a class

Most state and local governments provide their employees with traditional pensions, which are nice to have. But not all pensions are equally generous. The monthly benefits vary from one place to the next, and some governments have cut costs by reducing pensions for their newest hires. Further, one in four public-sector workers aren’t currently covered…