| For every employee who has worked for years, | | | | guaranteeing the retirement benefits of every |
| retirement is something they enthusiastically look | | | | employee. |
| forward to. The vision of just being relaxed throughout | | | | The Public Employees Retirement System |
| the day, doing things at their own way and at their | | | | automatically deducts contributions from the public |
| own pace, is a feeling of complete satisfaction after | | | | employee's payrolls. The amount of contribution may |
| long years of commitment to work. It's finally time to | | | | vary from employee to employee depending on their |
| reap the fruits of hard work, whether you have been | | | | coverage and retire plan. Presently, the contribution |
| a private firm's employee or a public employee. | | | | rate is 8.5 percent of the employee's salary and will |
| For public employees, the benefits of their automatic | | | | increase up to 9.5 percent in 2007. The benefits are |
| deductions for their retirement through the Public | | | | permanent depending on the legislation set by each |
| Employees Retirement System, which they have been | | | | state, so it is essential for members to be aware of |
| paying for the whole duration of their working days, | | | | their benefits and coverage to get the most of their |
| are at last at hand. | | | | contributions once they retire. |
| The Public Employees Retirement System is a | | | | Even if the Public Employees Retirement System is |
| retirement system applicable for government | | | | mandatory for all employees, there is still a criteria |
| employees or public employees, except for teachers | | | | needed to be met to become a member. The criteria |
| and students. This is a compulsory membership and | | | | needed to be met are as follows: the applicant should |
| every member should fill out an application form at the | | | | be a regular employee and their yearly pay should be |
| start of their employment. It is a benefit plan that | | | | $1,500 or higher; the position of the applicant should be |
| provides benefits to public employees once they retire; | | | | under the coverage of the Social Security System; if |
| based on their average pay and the number of years | | | | not covered by the Social Security; if currently |
| they have rendered service. | | | | employed by the Job Training Partnership Act and paid |
| The Public Employees Retirement System also | | | | by their federal funds; if a temporary employee; |
| includes survivor and disability protection. The system | | | | inmates in correctional institution; mental health and |
| also permits those with thirty years of service to file | | | | retardation patients do not qualify for the Public |
| for an early retirement, as well as providing death | | | | Employees retirement System; and students employed |
| benefits and beneficiary benefits. All Public Employees | | | | by their schools and universities where they attend |
| Retirement System of every state is dedicated to | | | | regular classes may sometimes not qualify. |