Have a Government Pension? Here's How It Actually Works (Pension, 403b & 457 Explained)

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Public employee retirement explained: how your government pension is calculated, vesting, Social Security (or not), and how a 403(b), 457, and 401(a) fit in.
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If you work for a state, a school district, a city, a university, or the federal government, your retirement probably works very differently from a typical 401(k). Pensions, optional plans, defined benefit, defined contribution: the terms alone can send you spinning.
In this video, I walk you through the five things almost every public employee retirement system has in common: the simple pension formula (years × multiplier × average salary), vesting, and the lump sum trap, whether you pay into Social Security (check your pay stub for OASDI), how the 403(b), 457, and 401(a) differ, and a quick look at the federal system (FERS and the TSP).
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Jim Gaskins · United Retirement Services
This video is for educational purposes only and is not financial, tax, or legal advice. Examples are hypothetical. Every retirement system has its own rules, multipliers, and vesting schedules, so confirm the details with your plan or HR. United Retirement Services is not affiliated with or endorsed by any government retirement system.