Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.
All the States retirement systems are currently defined benefit plans. This means members are guaranteed a specific monthly benefit at retirement. The plan created by this law is a defined contribution plan, meaning benefit amounts will vary. Examples of defined contribution plans include 401(k) and 403(b).
