Retirement system

{
  "id": "MLC-T-ECS-001693",
  "term": "Retirement system",
  "field": "Economic statistics",
  "definition": "A pension plan in which investments, contributions, and benefits are administered as a separate entity independent of the parent government general fund. Assets are accumulated and benefits paid under a particular set of actuarial assumptions, including employee age, compensation, and service credits. Includes single employer systems, in which one government is the sole sponsor of the pension plan, as well as multiple employer systems, where two or more governments maintain membership on behalf of their employees. These multiple employer systems typically include state plans administered primarily for teachers, policemen, firemen, and other local government employees. Normally only funded pension plans are included, in which contributions are made and assets accumulated to pay benefits to potential recipients before cash payments to recipients are actually required. Some unfunded (\"pay-as-you-go\") plans may be included where this is a temporary condition, in which no contributions are made from any source before benefits are actually paid to retirees and other beneficiaries. Excludes nongovernment administered pension plans, including those where substantial administrative authority over investment transactions and benefit payments has been delegated or contracted out to insurance companies or other private agencies.",
  "subject": "Governments",
  "see_also": [
    "Active members (of retirement systems)",
    "Administrative costs (of retirement systems)",
    "Benefits",
    "Cash and securities (of retirement systems)",
    "Contributions",
    "Employee-retirement expenditure",
    "Employee-retirement revenue",
    "Employee-retirement system",
    "Financial administration",
    "Inactive members",
    "Insurance trust expenditure",
    "Interest earnings",
    "Membership (of retirement systems)",
    "Statistics about Governments"
  ],
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/retirement-system/"
}