What is a Pension?

A pension is a form of compensation that an employee receives in retirement. Pensions are funded by employer and employee contributions during the employee’s duration of employment. Essentially, it is contracted teamwork.

In Georgia, unfunded pension benefits have skyrocketed to $7.4 billion. Unfunded pension benefits account for 22% of Georgia’s $33 billion bills.

Truth in Accounting, a nonprofit organization based in Chicago, Ill., aims to educate and empower citizens with understandable, reliable, and transparent government financial information. The following video provides clear information about the key functions of a pension: