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  • Retirement Benefit
    Posted On: Sep 09, 2008
     CONDITIONS:
    FEATURE:BASE PLAN - FIREBASE PLAN - POLICE2ND TIER - FIRE2ND TIER - POLICE
    ParticipationAutomatic and mandatory upon certification
    Probation period included
    ContributionIn most cases, automatic deduction from paycheck
    15.28% of pay, excluding allowances13.89% of pay, excluding allowances15.28% of pay, excluding allowances13.89% of pay, excluding allowances
    Final Wages

    The greater of the highest regular monthly compensation on which a Member made contributions to the Fund within that twelve (12) month period preceding June 30, 2007, or the average of the regular monthly compensation during the consecutive thirty-six (36) month period preceding retirement that produces the highest average.

    The average of the regular monthly compensation during the consecutive thirty-six (36) month period preceding retirement that produces the highest average.
    The regular monthly compensation includes base salary plus longevity plus all incentive pays and excludes overtime pay and lump-sum payments for accrued vacation, holiday, birthday holiday and sick leave.
    Service RetirementAt least 45 years of age and 20 years of Vesting Service
    Calculation:  Final Wages x 2.75% x Credited Service
    Maximum:  28 years of Credited Service, 77% of Final Wages
    At least 50 years of age and 25 years of Vesting Service
    Calculation:  Final Wages x 2.50% x Credited Service
    Maximum:  None
    Early RetirementNot yet 45 years of age and at least 20 years of Vesting Service
    Reduced Service Retirement from age 45 - Early Retirement Reduction
         Factor
    Option not applicable
    Back DROPAt least 50 years of age and 20.5 years of Credited Service
    May Back DROP a period of 6 to 36 months with at least 20 years of
         Credited Service Remaining
    At least 50 years of age and 25.5 years of Credited Service
    May Back DROP a period of 6 to 36 months with at least 25 years of
         Credited Service Remaining
    Disability RetirementDisability sustained in the line of duty or through no fault of your own
    Disability must be total and permanent
    Unreduced Service Retirement, not less than 50% of Final Wages
    Deferred RetirementAt least 10 years of Vesting Service
    Unreduced Service Retirement
    Payments begin at age 50
    No cost of living adjustment
    At least 10 years of Vesting Service
    Unreduced Service Retirement
    Payments begin at age 50
    Cost of Living Adjustment (COLA)

    Begins the earlier of at least age 60
         or 5 years after Retirement and
         thereafter, each and every
         January 1st

    3% Compounded Annually
    Applicable to all retirement types
         except Deferred

    Begins the earlier of at least age 60
         or 2 years after Retirement and
         thereafter, each and every
         January 1st

    3% Compounded Annually
    Applicable to all retirement types
         except Deferred
    Option not applicable
    Refund of ContributionsUpon separation of employment, must have at least 5 years of Vesting Service
    Refund of employee contributions only, without interest or employer portion
    Forfeit rights to a Pension Benefit

    In the event of your death, the Fund may pay a benefit to your dependents, beneficiary, or estate.  If you are eligible and have a qualified spouse or children, they will receive regular pension payments as long as they remain alive and qualified.  A qualified spouse and child are defined as:

        Qualified Spouse:
            - Has not remarried,
                   AND
            - Married you before your retirement, or
            - Married you after your retirement, but at least two years before your death

        Qualified Child:
            - Is not married,
                   AND
            - Is less than 19 years of age, or
            - Is a full-time student less than 23 years of age, or
            - Is physically or mentally disabled.

            If a child is at least 19 years old and is non-self-supporting due to drug or alcohol use, he/she
            is not considered qualified, regardless of whether or not he/she is a full-time student, or is
            disabled.

    In the event a deceased Member, not survived by a qualified spouse or children, dies from injuries received or disease contracted while in the line of duty, and is survived by a father, mother, brother or sister wholly dependent on the Member, such beneficiary shall receive the death benefit provided for under Section 10 of Article 6243b, V.A.T.S.  If you do not have a qualified spouse, children or dependent, a lump-sum distribution will be paid to any beneficiary that you have designated in writing, or to your estate, provided you had at least five years of Vested Service at the time of your death.  The lump-sum amount will include only your employee contributions (without interest) to the Fund.

    The amount of the death benefit payable depends on the Member's eligibility at the time of death.  For more information, please contact the Fund's Benefits Specialist.

    NOTE:  IN THE EVENT OF ANY CONFLICT BETWEEN THE ABOVEMENTIONED PROVISIONS AND ACTUAL PLAN PROVISIONS, THE ACTUAL PROVISIONS OF THE PLAN, AND NOT THE ABOVE SUMMARY WILL BE FOLLOWED.


    Would you like to calculate the approximate value of your retirement benefit?  Then, please click on the appropriate link below to access the on-line Service Retirement Benefit Calculator.

    Base Plan Member                        Second Tier Member

     

    The on-line benefit calculators are provided for illustration purposes only and based on the information you enter.  It is not an official means of determining the benefit that may be payable.  Your actual benefit calculation and the terms of such benefit are subject to the Plan Document governing the Fund.  For a more accurate estimate, please contact the Fund's Benefits Specialist.


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