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Understanding the Public Employees Retirement System [PERS] and Its Benefits
Definition & Meaning
The Public Employees Retirement System (PERS) is a program that provides retirement benefits to public employees, retirees, and their families. It manages health and pension benefits, ensuring that members receive financial support during retirement. Employees contribute a portion of their salaries to fund these benefits, which include death benefits, health benefits, long-term care benefits, and disability retirement benefits.
Table of content
Legal Use & context
PERS is primarily relevant in the context of employment law and public sector benefits. It is utilized by state government employees and, through contracts, by local agency and school employees. Understanding PERS is essential for employees considering retirement options and for legal professionals advising clients on retirement benefits and entitlements. Users can manage their retirement planning through various forms and templates available from US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A state government employee contributes to PERS throughout their career. Upon retirement, they receive a monthly pension based on their years of service and salary history.
Example 2: A local school district employee becomes disabled and applies for disability retirement benefits through PERS, allowing them to receive financial support while unable to work.
Relevant laws & statutes
Cal Gov Code § 21310 outlines the purpose of PERS, emphasizing the preservation of purchasing power for benefits through adjustments based on living costs. This statute is crucial for understanding how benefits may change over time.
State-by-state differences
State
Key Differences
California
PERS is governed by Cal Gov Code, with specific provisions for benefit adjustments.
New York
New York has a separate retirement system for public employees, with different eligibility criteria.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
PERS
A retirement system for public employees.
Focuses on public sector employees and their benefits.
401(k)
A retirement savings plan for private sector employees.
Funded primarily by employee contributions, with employer matching.
Common misunderstandings
What to do if this term applies to you
If you are a public employee or retiree, familiarize yourself with your PERS benefits and contributions. Consider using US Legal Forms to access templates for retirement planning and applications. If your situation is complex, consulting a legal professional may be beneficial.
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