PLAN PROVISIONS & AMENDMENTS
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PLAN PROVISIONS
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MONTHLY ACCRUED BENEFIT
For members who are eligible to retire as of September 30, 2011:
- 3% of average monthly earnings multiplied by service to 20 years plus 4% multiplied by service over 20 years with a maximum of 80% of average monthly earnings. The full 80% is earned at 22 years of service (resulting in a 12% of earnings increase in benefit at the moment the member attains 22 years of service).
For members who are not eligible to retire as of September 30, 2011:
- The sum of the following, not to exceed 80% of average monthly earnings:
- 3.3% of average monthly earnings multiplied by service earned up to September 30, 2011.
- 3.0% of average monthly earnings multiplied by service earned on or after October 1, 2011.
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AVERAGE MONTHLY EARNINGS
For benefits accrued prior to October 1, 2011:
- The average of the highest three consecutive years of compensation prior to retirement or termination. Earnings include basic annual wages including regular longevity raises and overtime up to 400 hours per year, but not including amounts for unused sick time or unused vacation time paid at retirement or termination.
For benefits accrued on or after October 1, 2011:
- The average of the highest five consecutive years of compensation prior to retirement or termination. Earnings shall include basic annual wages, longevity pay, and assignment pay, but not including overtime pay, payments for accrued holiday time, payments for accrued blood time, annual “cash-out” payments for accrued vacation time, payments for accrued compensatory time, and payments for unused sick time or for unused vacation time which is paid upon retirement or termination.
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NORMAL RETIREMENT AGE AND BENEFIT
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Eligibility
- For a member with 10 or more years of creditable service as of September 30, 2011:
- Age 50, or
- Any age upon attainment of 22 years of service
- For a member with less than 10 years of creditable service as of September 30, 2011:
- Age 55 with 10 years of service, or
- Any age upon attainment of 25 years of service
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Amount
Monthly Accrued Benefit
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Form of Payment
Life annuity with ten years certain, with a 50% survivor annuity payable to the spouse until death or remarriage
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DISABILITY RETIREMENT AGE AND BENEFIT
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Condition
For a service connected disability benefit, the member must become totally and permanently disabled in the line of duty and must have applied for Social Security disability benefits as well as worker's compensation benefits, if applicable;
For a non-service connected disability benefit, the member must become totally and permanently disabled, must have at least five years of service, and must have applied for Social Security disability benefits as well as worker's compensation benefits, if applicable.
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Amount
- For a service connected disability benefit:
- Greater of monthly accrued benefit or 50% of earnings at the time of determination of disability.
- For a non-service connected disability benefit:
- For members who become disabled prior to October 1, 2011:
- 2˝% of average monthly earnings multiplied by service, with a minimum benefit of 25% of earnings at the time of determination of disability. The benefit will be offset by any worker's compensation, Social Security, pension, or similar benefit payable to the member or to his dependents. Upon attainment of age 65, the Social Security offset will cease and, upon attainment of age 50, the benefit will be recomputed as a normal retirement benefit with consideration of service granted for the period of time that the member was receiving a disability retirement benefit.
- For members who become disabled on or after to October 1, 2011:
- 3% of average monthly earnings multiplied by service, with a minimum benefit of 25% of earnings at the time of determination of disability. The benefit will be offset by any worker's compensation, Social Security, pension, or similar benefit payable to the member or to his dependents. Upon attainment of age 65, the Social Security offset will cease and, upon attainment of age 55, the benefit will be recomputed as a normal retirement benefit with consideration of service granted for the period of time that the member was receiving a disability retirement benefit.
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FORM OF PAYMENT
Ten year certain and Life annuity, with a 50% survivor annuity payable to the spouse until death or remarriage. In the case of a member who dies prior to age 50 (or 55) while receiving a nonservice connected disability, a 100% survivor annuity is payable to the spouse until death or remarriage.
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WITHDRAWAL RETIREMENT AGE AND BENEFIT
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Age
Any age with at least ten years of service
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Amount
Monthly Accrued Benefit. If participant has at least ten years of service prior to October 1, 2011, benefit is payable at age 50. Otherwise, benefit accrued as of September 30, 2011 is payable at age 50 and benefit accrued after that date is payable at age 55.
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Form of Payment
Life annuity with ten years certain, with a 50% survivor annuity payable to the spouse until death or remarriage if the member dies after payment has begun. A member may elect to receive his contributions in lieu of a withdrawal retirement benefit.
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