8/4/2019 SRS Executive Summary (09-26-2011 PED Report)
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provides ethat accounparticipateeligible forHow do th
systems?
than other
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system? Itfrom a defAssemblycvested to rHowever, lStates costpersonnel tHow is TS
state contriemployeethe state c2010, emp$583 milliHow does
systems?
plans for sfunding staperformanassets nee
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etiremAre T
the North Cation Oversi
retirementon the Northem (TSERS)ent emplo
s decisions
the operatis of the retiibute to TSEe plan feat
o members
ployees wits for yearsin at least tSocial Secu
e plan feat
here are nostates plans
are typicalltiplier are ld altering t
is not clearined benefitould changeduce the Stwmakers h
s and the Sto deliver esRS funded
butions, andontributionntribution eloyees contrn, and invesTSERS fund
he Programate employtus. TSERS re on theseed to make
UATI
ERALAS
ent Plpical
arolina Genght Committsystem to oCarolina T
because it cees. This stu
about TSER
n of TSERS.ement beneS.
ures of TSE
of TSERS?
th lifetime rof service awo supplemrity and Stares of TSER
plan featur. TSERSs e
nd its vestiess generoue plan typ
here wouldto a defineplan featur
ates costs iave to weigates abilitysential publiTSERS is fuinvestment i
at 6% of coach year asibuted $83tment incoming status c
Evaluationes and teanked sixtheasures infuture pay
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SEMBLY
ns, TSor Less
eral Assemee,this studher state reachers and
overs the mdy address
S? Several
The Generfit and how
RS and wh
SERS is a dtirement incnd salary.ental retirete Health PlS compare
es on whichployee cont
g period, fis than otheror features
be long-terd contributies for futurproviding i
h the tradeoto recruit ac services.nded fromincome. Thempensationpart of the.8 million, t
e contributeompare to
Division ranhers using t
out of 84 plicates the Sents for be
IVISI
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RS isGene
lys Joint Lecompares
irement sysState Empljority of cus six resear
ifferent ent
l Assemblymuch emplo
t other ben
fined beneome basedembers ofent plans,
an benefits io other stat
TSERS is moribution rat
nal averagstates planof TSERS a
savings frn plan.Thehires or th
ts retiremenff betweend retain qu
mployee coGeneral Assin 1975 andbudget proce State con
d $5.7 billiother state r
ed state reree key mens in 2009.ate is accunefits accru
ON
o. 2011-05
ellrous
gislativeNorthems. Thisoyeesrent andch questions:
ities play a
determinesyees and th
fits are
fit plan thaton a formulSERS cannd they aren retiremene retiremen
re generousand norma
salary, an.ffect the
mchangingGeneralse not yetbenefit.
reducing thelified
ntributions,embly setdetermines
ess. Intributedn.tirement
irementasures ofStrongulating thed to date.
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