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.
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