Public Employee Retirement Systems
Public Employee Retirement Systems (PERS) are pension plans designed to provide retirement benefits to government employees, including teachers, police officers, and firefighters. These systems are funded through contributions from both employees and their employers, ensuring that workers receive a stable income after they retire.
PERS typically offer defined benefits, meaning retirees receive a predetermined monthly payment based on factors like years of service and salary history. This system helps attract and retain skilled workers in public service roles, contributing to the overall stability and effectiveness of government operations.