Amendment to the Retirement Plan - Normal Retirement. Effective December 31, 1998, the normal retirement age for uniformed members of the bargaining unit shall be defined as the time at which a member has attained twenty-five (25) years of creditable service, regardless of age; or, the member has attained twenty (20) years of creditable service and has attained the age of fifty (50); or, the member has vested and attained fifty-five (55) years of age. Effective December 31, 1998, the allowance for normal service retirement shall provide an allowance equal to one fortieth (1/40) of the member’s average final compensation multiplied by the number of years of creditable service not to exceed twenty (20) years; plus, one fifty (1/50) of their average final compensation multiplied by the years of creditable service in excess of twenty (20). Such improved benefit shall be funded through increased employee contributions beginning July 1, 1994. The amount of such increase shall be determined actuarially on a periodic basis, but may not exceed two and ninety- five one hundredths (2.95%) of a percent of salary. Effective May 1, 1996, the amount will not exceed one and ninety-five one hundredths (1.95%) of a percent of salary.
Amendment to the Retirement Plan - Normal Retirement. A. Employees hired prior to July 1, 2007, the normal retirement age for uniformed members of the bargaining unit shall be defined as the time at which a member has attained twenty-five
