Are employers legally obligated to provide their employees with a pension scheme?

In Virginia, employers are not legally obligated to provide their employees with a pension scheme. However, some employers may choose to do so in order to attract and keep talented employees. If an employer does offer a pension scheme, it must comply with the applicable state laws. A pension is a retirement plan that provides a fixed sum of money to employees upon retirement. The money can be received as a lump sum or as regular payments. Pension plans may require contributions from both the employer and the employee, and should clearly set out the conditions of eligibility and the levels of benefits. Pension plans can be offered by employers on a voluntary basis, and in some cases, they are required by law. For example, the Virginia Retirement System (VRS) is a mandatory state-run retirement plan. Employers must provide the VRS plan to all employees who work more than 24 hours per week, and employees must make contributions to the plan. In summary, employers in Virginia are not legally obligated to provide their employees with a pension scheme. However, some employers may offer pension plans to employees on a voluntary basis, and in some cases, a pension plan may be required by law.

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Are employers legally obligated to provide their employees with a pension scheme?

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