This type of plan is the most popular retirement plan in the United States of America.
Public Employee Retirement (PERS) & School Employee Retirement (SERS).
Similar to a 401k just for public (government) and nonprofit organizations.
Merriam-Webster dictionary describes the pension as a fixed sum paid regularly to someone.
The “DC” plans are typically, but not always available, for public employees and non-profits.
A promised amount of compensation and based on service credits as well as compensation.
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