• RETIREMENT

     

    Normal Retirement Benefit  

      

    The monthly benefit that you will receive if you continue in employment until your Normal Retirement Date is called your Normal Retirement Benefit. The amount of your Normal Retirement Benefit is based on the following factors:

     

        Your Covered Salary as previously defined.

     

        Your Final Average Monthly Earnings (FAME) as previously defined.

      

     Your years of Creditable Service at your Normal Retirement Date.

     

        Your Classification and/or Tier.

      

    Your Normal Retirement Benefit is calculated as follows:  

      

    Tier B Members  

    3% of FAME multiplied by your years of Creditable Service subject to a maximum of 80% of your FAME.

    Example:

    If your FAME is $4,000 and service is 22 years then

    your monthly benefit = 3% X $4,000 X 22 Years = $2,640.

     

    Tier C Members  

    2.5% of FAME multiplied by your years of Creditable Service subject to a maximum of 80% of your FAME.

    Example:

    If your FAME is $4,000 and service is 22 years then

    your monthly benefit = 2.5% X $4,000 X 22 Years = $2,200.  

      

    The following exceptions apply:  

     

    For Classified – Tier A 

    3% of FAME for each of the first 15 years of Creditable Service

    plus 4% of FAME for each year in excess of 15.

    The maximum benefit is 90% of your FAME.  

      

      

      

      

      

      

      

      

      

      

      

      

      

      

 
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