Common use of Retirement Formulas Clause in Contracts

Retirement Formulas. ‌ 1) Employees hired prior to January 1, 2011 The retirement formula is 2.5% @55 based on the employee’s highest 12 months’ salary and number of years of Plan participation. Employees make a monthly contribution equal to 8% of salary. 2) Employees hired on or after January 1, 2011 The retirement formula is 2% @ 55 based on the employee’s highest 36 months’ salary and number of years of Plan participation. Employees make a monthly contribution equal to 7% of salary. 3) Employees hired on or after January 1, 2013 The retirement formula is 2% @ 62 based on the employee’s highest 36 months salary and number of years of Plan participation. Employees shall make a monthly contribution equal to 1/2 of the normal cost.

Retirement Formulas. ‌ 1) Employees hired prior to January 1, 2011 The retirement formula is 2.5% @55 based on the employee’s highest 12 months’ salary and number of years of Plan participation. Employees make a monthly contribution equal to 8% of salary. 2) Employees hired on or after January 1, 2011 The retirement formula is 2% @ 55 based on the employee’s highest 36 months’ salary and number of years of Plan participation. Employees make a monthly contribution equal to 7% of salary. 3) Employees hired on or after January 1, 2013 The retirement formula is 2% @ 62 based on the employee’s highest 36 months salary and number of years of Plan participation. Employees shall make a monthly contribution equal to 1/2 of the normal cost.

Retirement Formulas. ‌ 1) Employees hired prior to January 1, 2011 2011: The retirement formula is 2.5% @55 based on the employee’s highest 12 months’ salary and number of years of Plan participation. Employees make a monthly contribution equal to 8% of salary. 2) Employees hired on or after January 1, 2011 The retirement formula is 2% @ 55 based on the employee’s highest 36 months’ months salary and number of years of Plan participation. Employees make a monthly contribution equal to 7% of salary. 3) Employees hired on or after January 1, 2013 The retirement formula is 2% @ 62 based on the employee’s highest 36 months salary and number of years of Plan participation. Employees shall make a monthly contribution equal to 1/2 of the normal cost.