Defined Benefit Plan Option. The defined benefit plan is closed. The plan was only available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefits are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55 with 10 or more years of service or at age 50 with 15 or more years of service. Normal retirement benefits are based upon two and six tenths percent (2.6%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed seventy- five percent (75%), retroactive to July 1, 2008. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute six percent (6%) of their gross earnings into the plan, retroactive to July 1, 2008. Employees who leave the department with a vested pension but at an age less than 50 will not be eligible to collect a pension until they reach age 55. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. Effective July 1, 2008, the defined benefit plan provides for normal retirement benefits at age 53 with 15 or more years of service. For employees retiring after July 1, 2008, normal retirement benefits are based upon 2.6% of the employee’s average annual compensation multiplied by their number of years of service, not to exceed 78%. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute 6.5% of their gross earnings into the plan. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefit are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Effective July 1, 2007 participants shall contribute five percent (5%) of their compensation (pre-tax) to the plan. Effective July 1, 2008 participants shall contribute six percent (6%) of their compensation (pre-tax) to the plan. Effective July 1, 2009 participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. Effective July 1, 2008, the defined benefit plan provides for normal retirement benefits at age 53 with 15 or more years of service. For employees retiring after July 1, 2008, normal retirement benefits are based upon 2.6% of the employee’s average annual compensation multiplied by their number of years of service, not to exceed 78%. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute the following percentages of their gross earnings into the plan: Effective and retroactive to July 1, 2008 – 5%; effective July 1, 2009 – 6%; and effective July 1, 2010 – 6.5%. The defined benefit plan option is also available to those employees who participated in the defined contribution plan option as a patrol officer prior to promotion to sergeant, for years of service after promotion to sergeant. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
