Common use of Formula Change for Calculation of SDCERS Monthly Retirement Benefit Clause in Contracts

Formula Change for Calculation of SDCERS Monthly Retirement Benefit. The Retirement Calculation Factor to be applied to the Police Safety Member’s Final Compensation, as defined in Municipal Code section 24.0103, at specified ages may be increased from the current levels to those shown below for all retirements effective on or after July 1, 2000, if the Police Safety Member selects this option. Retirement Age Factor effective 1/01/97-6/30/00 [Current] Factor effective 07/01/00 [New] 50 2.50% 3.00% 51 2.60% 3.00% 52 2.70% 3.00% 53 2.80% 3.00% 54 2.90% 3.00% 55+ 2.99% 3.00% Member Option: Pursuant to the class action settlement, a Police Safety Member hired before July 1, 2009, may choose, upon application for retirement, one of the following two options: a. The Retirement Calculation Factor in effect on July 1, 2000 with no change in the Police Safety Member’s Final Compensation OR b. A 10% increase in the Police Safety Member’s Final Compensation, with the Police Safety Member’s Unmodified Service Retirement Allowance calculated using the Retirement Calculation Factor in effect on June 30, 2000.

Formula Change for Calculation of SDCERS Monthly Retirement Benefit. The Retirement Calculation Factor to be applied to the Police Safety Member’s Final Compensation, as defined in Municipal Code section 24.0103, at specified ages may be increased from the current levels to those shown below for all retirements effective on or after July 1, 2000, if the Police Safety Member selects this option. Retirement Age Factor effective 1/01/97-6/30/00 [Current] Factor effective 07/01/00 [New] 50 2.50% 3.00% 51 2.60% 3.00% 52 2.70% 3.00% 53 2.80% 3.00% 54 2.90% 3.00% 55+ 2.99% 3.00% Member Option: Pursuant to the class action settlement, a Police Safety Member hired before July 1, 2009, may choose, upon application for retirement, one of the following two options: a. The Retirement Calculation Factor in effect on July 1, 2000 with no change in the Police Safety Member’s Final Compensation OR b. A 10% increase in the Police Safety Member’s Final Compensation, with the Police Safety Member’s Unmodified Service Retirement Allowance calculated using the Retirement Calculation Factor in effect on June 30, 2000. This election must be made with SDCERS at the time of application for retirement.

Formula Change for Calculation of SDCERS Monthly Retirement Benefit. The Retirement Calculation Factor to be applied to the Police Safety Member’s Final Compensation, as defined in Municipal Code section 24.0103, at specified ages may be increased from the current levels to those shown below for all retirements effective on or after July 1, 2000, if the Police Safety Member selects this option. Retirement Age Factor effective 1/01/97-6/30/00 [Current] Factor effective 07/01/00 [New] 50 2.50% 3.00% 51 2.60% 3.00% 52 2.70% 3.00% 53 2.80% 3.00% 54 2.90% 3.00% 55+ 2.99% 3.00% Member Option: Pursuant to the class action settlement, a Police Safety Member hired before July 1, 2009, may choose, upon application for retirement, one of the following two options: a. The Retirement Calculation Factor in effect on July 1, 2000 with no change in the Police Safety Member’s Final Compensation OR b. A 10% increase in the Police Safety Member’s Final Compensation, with the Police Safety Member’s Unmodified Service Retirement Allowance calculated using the Retirement Calculation Factor in effect on June 30, 2000.

Formula Change for Calculation of SDCERS Monthly Retirement Benefit. The Retirement Calculation Factor to be applied to the Police Safety Member’s Final Compensation, as defined in Municipal Code section 24.0103, high one year salary at specified ages may be increased from the current levels to those shown below for all retirements effective on or after July 1, 2000, if the Police Safety Member selects this option. Retirement Age Factor effective 1/01/97-1/01/97- 6/30/00 [Current] Factor effective 07/01/00 [New] 50 2.50% 3.00% 51 2.60% 3.00% 52 2.70% 3.00% 53 2.80% 3.00% 54 2.90% 3.00% 55+ 2.99% 3.00% Member Option: Pursuant to the class action settlement, a Police Safety Member hired before July 1, 2009, may choose, upon application for retirement, one of the following two options: a. The Retirement Calculation Factor in effect on July 1, 2000 with no change in the Police Safety Member’s Final Compensation OR OR b. A ten percent (10% %) increase in the Police Safety Member’s Final Compensation, with the Police Safety Member’s Unmodified Service Retirement Allowance calculated using the Retirement Calculation Factor in effect on June 30, 2000.