Government Pension Plans
Government pension plans are retirement savings programs established by governments to provide financial support to employees after they retire. These plans are typically funded through payroll taxes and contributions from both the government and employees. The benefits received often depend on factors such as years of service and salary history.
These pension plans can vary widely between different levels of government, such as federal, state, and local programs. They are designed to ensure that public sector workers, including teachers, police officers, and other civil servants, have a stable income during retirement, helping to promote financial security for retirees.