Change of Retirement Calculation Factors for City GENERAL Members. 1. The Retirement Calculation Factors used to calculate a General Member’s Allowance will increase to the levels shown below (“New Factors”) for all retirements effective on or after July 1, 2002, unless the General Member elects, before retirement, to have their Allowance calculated using the Old Factors (2% at age 55, etc., with 10% added to the Member’s Final Compensation) or the Xxxxxxx Factors (2.25% at age 55, etc.). The New Factors will apply to all City employees who join the Retirement System after June 30, 2002, and their Allowances will be capped at 90%. The 90% cap will also apply to: (1) General Members who joined the Retirement System on or before June 30, 2002, except as provided below, and (2) General Members who participated in the Retirement System on or before June 30, 2002, who left City employment but are rehired by City on or after July 1, 2002. Retirement Age Benefit 55-59 2.50% 60 2.55% 61 2.60% 62 2.65% 63 2.70% 64 2.75% 65+ 2.80*
Change of Retirement Calculation Factors for City GENERAL Members. 1. The Retirement Calculation Factors used to calculate a General Member’s Allowance will increase to the levels shown below (“New Factors”) for all retirements effective on or after July 1, 2002, unless the General Member elects, before retirement, to have their his or her Allowance calculated using the Old Factors (2% at age
Change of Retirement Calculation Factors for City GENERAL Members. The Retirement Calculation Factors used to calculate a General Member=s Allowance will increase to the levels shown below (the “New Factors”) for all retirements effective on or after July 1, 2002, unless the General Member elects, before retirement, to have his or her Allowance calculated using the Old Factors (2% @ age 55, etc., with 10% added to the Memberʼs Final Compensation) or the Xxxxxxx Factors (2.25% @ age 55, etc.). The New Factors will apply to all City employees who join the Retirement System after June 30, 2002, and their Allowances will be capped at 90%. The 90% cap will also apply to: (1) General Members who joined the Retirement System on or before June 30, 2002, except as provided below, and (2) General Members who participated in the Retire- ment System on or before June 30, 2002, who left City employment but are rehired by the City on or after July 1, 2002. Retirement Age Benefit 55-59 2.50% 60 2.55% 61 2.60% 62 2.65% 63 2.70% 64 2.75% 65 and older 2.80% Any General Member whose Allowance as of July 1, 2002 is 90% or more using the New Factors may continue to accrue benefits above the 90% cap until December 31, 2002. The General Memberʼs Allowance will be capped at that time.
