Wikipension is a knowledge management resource for and about the community that governs, sponsors, and administers retirement benefits for employees of state and local governments in the U.S., and the firms that provide services to these entities.
A pension is a tax-deferred savings vehicle that allows for the accumulation of assets for later use as retirement income. A pension is paid in regular installments, usually for the remaining life of the person receiving the benefit.
According to the U.S. Bureau of Labor Statistics, nearly 90 percent of employees of state and local government have a traditional pension, or defined benefit plan, as their primary retirement benefit. By contrast, less than one-fifth of the working population participates in a DB plan. About three-fourths of private sector employees have access to an employer-sponsored retirement benefit, and approximately two-thirds of those eligible elect to participate. Thus, just over one-half of the private sector workforce participates in an employer-sponsored retirement benefit.
Public pension benefits are administered by some 2,500 different public retirement systems in the U.S.  Together, these systems administer defined benefit plans for more than 15 million working and eight million retired public employees, distributing more than $180 …