Where is the money; is it protected?

The Board of Trustees selects investment managers responsible for investing plan assets. The ERS’ custodian bank holds these investments for separately managed accounts. Various custodian banks hold the assets for the commingled accounts. The ERS staff accounts for all the assets and payments of the ERS. An independent accounting firm audits the ERS every year. The ERS has received the highest possible evaluation for its accounting and internal controls. 

Show All Answers

1. What is the ERS?
2. Are employee contributions required?
3. What does a defined benefit retirement plan mean?
4. Does the Commission make a contribution?
5. How does being IRS qualified affect you as a member?
6. Who oversees the ERS?
7. Where is the money; is it protected?
8. How much of my pension benefit comes from my contributions?
9. Is there a maximum amount of credited service I can earn?
10. When do I start paying income taxes on my retirement annuity?
11. How does accumulated sick leave affect my benefit?
12. Are loans possible from the plan?
13. What if I don’t leave a surviving spouse or children?
14. When can I expect to receive my first retirement check?
15. How do I apply for retirement benefits?
16. Is there a cost-of-living adjustment to protect against inflation?
17. Is there life insurance when I retire?
18. When is the best time to retire?
19. What deductions are taken from my retirement check?
20. Can I have my benefit check directly deposited into my bank?
21. Is there Disability Retirement?