Eligible Members:
Hired before 1/1/1996
Vesting:
Graded 100% at 20 YCS
Benefit Formula:
(Years of Credited Service before 1/1/2006 x 3.5% x Final Average Salary) + (Years of Credited Service on/after 1/1/2006 x 3.0% x Final Average Salary) + $116 x YCS > 20
Final Average Salary:
Final 60 months
Automatic COLA:
An ad hoc based on financial condition of the fund as determined by the actuary
Benefit Tier Options:
Retro DROP, 2.5 yr. max. Employee contributions credited, no COLA or interest.
Eligible Members:
Hired btwn 1/1/1996 & 12/31/2005
Benefit Formula:
Years of Credited Service x 3.0% x Final Average Salary (for YCS < 20) + $116 x YCS > 20
Final Average Salary:
Final 60 months
Automatic COLA:
An ad hoc based on financial condition of the fund as determined by the actuary
Benefit Tier Options:
Retro DROP, 2.5 yr. max. Employee contributions credited, no COLA or interest.
Eligible Members:
Hired on/after 1/1/2006
Benefit Formula:
Years of Credited Service x 3.0% x Final Average Salary (for YCS < 20) + $116 x YCS > 20
Final Average Salary:
Final 60 months
Automatic COLA:
An ad hoc based on financial condition of the fund as determined by the actuary
Benefit Tier Options:
Retro DROP, 2.5 yr. max. Employee contributions credited, no COLA or interest.