Notes for those enrolled on or after to April 2, 2012
Notes for Active Members who were enrolled on or after April 2, 2012:
Direct Deposit dates:
September 29, 2017
October 31, 2017
November 30, 2017
December 29, 2017
May 31, 2017
June 30, 2017
July 31, 2017
August 31, 2017
January 31, 2017
February 28, 2017
March 31, 2017
April 28, 2017
Your retirement account is a true pension plan, not a 401K.
Group 1 can retire with 10 yrs service at age 60, Group 2 and Group 4 can retire with 10 yrs service at age 55. Please note that you must have performed the duties of the Group 2 or Group 4 position for at least 12 months immediately prior to your termination or retirement.
Full retirement age is 67 for Group 1, 62 for Group 2, and 57 for Group 4
Pension is calculated using your age at the time of retirement, your years of creditable service, your group classification and an average of your five highest consecutive years of regular compensation.
Section 18 Anti-Spiking provision: if salary increases more than 10% in 2 preceding years, those earnings are not included
Once you have attained 30 years of creditable service, your contribution rate will be reduced to 6%
Once you have been retired for 1 year, post-retirement earnings when added to the pensioner’s retirement allowance cannot exceed the salary of the position from which he retired, plus $15,000
If you have service in more than one Group classification, your benefit will be pro-rated by the amount of time you worked in each Group classification.