Commencing on July. 1, 1986, upon retirement from service following completion of 25 years of service, a member shall receive a retirement pension payable throughout the member's life of 2.5% of the member's average final compensation multiplied by the first 25 years of service credited to the member, plus 1% of the member's average final compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. Effective upon ratification of the July 1, 1997 – June 30, 2002 Collective Bargaining Agreement, upon subsequent retirement from service following completion of 25 years of service, a member hired before July 1 2009 shall receive a retirement pension payable throughout the member’s life of 2.8% of the member’s final average compensation multiplied by the first 25 years of service credited to the member, plus 1% of the member’s final average compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. This provision does not apply to deferrals. Effective August 25, 2014, a member hired before July 1, 2009 who retires with a minimum 60 years of age and 10 years of service shall receive a retirement pension payable throughout the member’s life of 2.8% of the member’s final average compensation, plus 1% of the member’s final average compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. . For members hired after July 1, 2009, upon subsequent retirement from service following completion of 25 years of service with mandatory minimum age of 55 years, a member shall receive a retirement pension payable throughout the member's life of 2.5% of the member's Final Average Compensation calculated on base wage only, multiplied by the first 25 years of service credited to the member, plus 1% of the members final average compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. A member hired after July 1, 2009 who retires with a minimum 60 years of age and 10 years of service shall receive a retirement pension payable throughout the member’s life of 2.5% of the member’s final average compensation, plus 1% of the member’s final average compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. The employee pension contribution shall be 8.9% on a pre-tax...
