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You will NOT need to pay into Social Security or Medicare on the amounts you receive for your pension.
As to your employer, the need to report the liability on their balance sheet is present only if it is an underfunded defined benefit plan. This is a plan type that accrues while you are employed. It does not impact the benefits you receive. Your employer will also be able to deduct the benefit accruals on their income/expense statements and tax returns.
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Additionally, please remember that your pension will be taxable for Federal purposes and, in some cases at the state level as well.