Notes for those enrolled prior to April 2, 2012
Notes for Active Members who were enrolled
prior to 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.
Can retire with 20 yrs service at any age
Can retire with 10 yrs service at age 55
Full retirement age is 65 for Group 1, 60 for Group 2 and 55 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 three highest consecutive years of regular compensation.
Section 18 Anti-Spiking provision: if salary increases more than 10% in 2 preceding years, those additional earnings are not included
Once you have been retired for 1 full calendar 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, you may elect to receive a retirement allowance based on a pro-rated benefit.