Calculation of Service Retirement Allowance. The service retirement allowance calculation formulas for employees hired on or after July 1, 2005 and before July 20, 2012, will be 2.5% at age 55 for General Members and 3.0% at age 50 for Safety Members, with the existing tiers for those formulae. Article 4, Division 4 of the Municipal Code has been revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulas will remain as currently provided under Article 4, Division 4 of the Municipal Code. Limiting the Defined Benefit Plan to employees hired before July 20, 2012 is subject to the reopener provisions on Proposition B in Article 31, Section E.
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Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
