Pension Age and Service Requirements. All employees eligible for an Act 345 retirement must satisfy the following years of service as a full time employee and age requirements to be eligible for the defined benefit pension: Hire Date Minimum Years of Service for a full service retirement Minimum Age Multiplier First 25yrs Multiplier After 25yrs Pension Cap On or before December 31, 2003 25 Any On or before January 31, 2009 2.75% On or after February 1, 2009 2.9% 1.0% 73% Between January 1, 2004 and June 30, 2012 28 Any On or before January 31, 2009 2.75% On or after February 1, 2009 2.9% 1.0% 75% Between July 1, 2012 and June 30, 2016 29 Any 1.5% 1.0% 50% After ratification of this agreement 33 Any 1.5% 1.0% 50% Employees hired before July 1, 2012: member contributions shall be 13%. Employees hired on or after July 1, 2012 shall have a pension multiplier for Act 345 service retirement and non-duty disability retirement at the rate of 1.5% for the first twenty-five (25) years of service and one percent (1%) for each year of service thereafter. These employees will also participate in the defined contribution pension system (which constitutes a hybrid pension system). Member contributions for those employees hired on or after July 1, 2012 will be 4.75% for the defined benefit pension plan. For the defined contribution pension plan, the City shall contribute a flat three percent (3%) to the defined contribution pension plan and the employee must contribute a minimum of three percent (3%) up to a maximum of twelve percent (12%).
