state retirement systems

State retirement systems are government-managed programs that provide income to public employees, like teachers, police, and firefighters, after they retire. Employees typically contribute part of their salary during their working years, and the state also makes contributions. The system pools these funds to ensure members receive a steady benefit upon retirement, based on factors like salary and years of service. These systems aim to offer financial security and recognize public service, operating separately from private pensions or Social Security, though some participants may also qualify for those additional benefits.