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There are different types of pension plans and this report suggests the public organizations to use and implement ‘Defined benefit pension plan’ as this would be beneficial for most of the employees working in public sector.
Pension plans are of many types. Retirement plan, state and social pension plan, and disability pension are some of the types. It is mandatory for permanent employees that they should be given payment after their retirement in the form of pension. If it is not paid then it should be mentioned in the contract of the employees. Pension is defined the amount that an employee gets on his retirement through the contribution of employees and investment returns. This amount is received on a regular basis by the employee. Members’ contribution is deducted from their payroll throughout their duration of service (Davis, 1998). Generally, the amount of pension is predetermined and based on a defined formula. This formula may vary from one organization to another however the formula is based on employee’s history of earnings. In America, Public employee pension plan is suffering and the employees at the public organizations are not satisfied with the existing plan. One of the reasons for this is that government is exploring more unusual investments in order to feed the Public employee pension plan. OCER has invested 10.9 billion dollars in funds. Out of these funds, only 4% is from assets (Reicher, 2014). According to figure 1 presented in the appendix section, all public plans are funded in a well-mannered way and contributions from the employers are found lower in pension plans (Basich, 2011).
This report presents a proposal for the pension of public employees. Pension is an important aspect of the workplace as it provides funds at a stage when the person does not have the ability or energy to work appropriately for 40 hours in a week.
Senior management has an important role and they have to take part
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Week Activity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Completion of proposal writing Drafting of chapter 1 Collection of materials for literature review Drafting of literature review Mini conference with all resource persons involved Formal consent seeking from proposed sample group Formation of sample size Collection of field data (primary data) Drafting of chapter three Drafting of results and analysis Drafting of conclusion Marking of whole draft Review of whole project report On the grid above, it can be seen that the proposal writing is expected to be completed in the next 3 weeks.
Keeping in view guidelines provided by Miner and Miner in their book, this proposal has been created precisely to the satisfaction of published request as a large volume of proposals might be received by donor authorities (Miner & Miner, 2008). Also, as prescribed by Pomeroy, this document addresses the primary concerns that donor requires to be addressed and offers optimal solutions within cost, time and quality budgets (Pomeroy, 1993).
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