Examples of Plan 3 in a sentence
For Plan 2 and Plan 3 TRS and SERS members, it is the highest average salary during any five consecutive years.
For the defined benefit portion of Plan 3 TRS and SERS it is the AFC multiplied by 1 percent per year of service with a cost-of-living adjustment.
Plan 3 under the TRS and SERS programs are defined benefit, defined contribution pension plans whose members joined on or after July 1, 1996, or September 1, 2000, for TRS and SERS, respectively.
Although members can only be a member of either Plan 2 or Plan 3, the defined benefit portions of Plan 2 and Plan 3 are accounted for in the same pension trust fund.
PERS Plan 3 members choose their contribution rate upon joining membership and have a chance to change rates upon changing employers.