Warning About Money Questions
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| May 30, 2009 11:14 PM |
From;
http://www4.hawaii.gov/ers/Publications/YourRetirementSystem/Hybrid.pdf
For government workers in Hawaii, there are three plans. In the Hybrid plan, the worker contributes 6% of their salary. The state contributes an amount equal to 15% of the workers salary.
http://www4.hawaii.gov/ers/Publications/YourRetirementSystem/Noncontributory.pdf
In the non-contributory plan, the worker contributes nothing and the state contributes an amount equal to 15% of the workers salary.
http://www4.hawaii.gov/ers/Publications/YourRetirementSystem/Contributory.pdf
In the contributory plan, the worker contributes contribute 7.8% of their salary and the state contributes an amount equal to 15% of the workers salary. However;
"If you are a police officer, firefighter, corrections
officer, water safety officer, investigator of the
Department of the Prosecuting Attorney or
Attorney General, a narcotics enforcement
investigator, or an investigations staff investigator
with the Department of Public Safety, you must
contribute 12.2% of your monthly gross salary."
For these workers, the state contributes an amount equal to 19.7% of the workers salary.
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• Do you believe GMs pension was 100 percent funded by the company?
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morriss003
May 31, 2009 02:14 AM
Good question. I could not find the answer to it.
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Other Answers (1)
May 30, 2009 08:14 PM
A traditional pension plan is usually funded by the company. There are not too many of these out there anymore, however. Companies are turning to tax advantaged plans such as 401Ks and 403Bs, where employees can contribute tax free money to the plan. Some employers match a small portion of the employee's contribution as an incentive.
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