RETIREMENT.  Service Retirement 30 years of full time service at any age, or 5 years of full time service and 60 years old or older  Early Retirement.

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RETIREMENT | SECOND HALF 3rd quarter

Presentation transcript:

RETIREMENT

 Service Retirement 30 years of full time service at any age, or 5 years of full time service and 60 years old or older  Early Retirement 25 years of full time service Must be 55 years old or older

 Ordinary Disability This is a disability that is the result of a non-job related injury (You will have to provide medical documentation that shows you can no longer perform your job) Also, the City’s Doctor has to review these documents and approve/disapprove your request. 5 years of full time service is also required

 Extraordinary Disability This is a disability that is the result of a job related injury No service requirement  Vested Pension 5 years of service - after you have completed 5 full time years of service

CALCULATION OF MONTHLY RETIREMENT BENEFIT The formula used to calculate a service retirement benefit amount is… 2.5% x FAS x SVC FAS = Final Average Salary … (to calculate FAS, add the annual income for the last three years of work and divide it by 36) SVC = Service (years of full time service)

For illustration purposes, let’s use payroll data for a Grade 16. Annual income for the previous years… – 40, – 42, – 44, , , divided by 36 months (or 3 years) = = FAS 2.50% x x 30 years = $2, monthly benefit Example

PENSION DEDUCTIONS  Health Insurance - Blue Cross and Blue Shield Family - $903.00/month Single /month  Dental Insurance – Blue Cross and Blue Shield Family - $35.00/month Single /month

Life Insurance HEALTH INS. Family: 903/mo. Single: 280/mo. Monthly Medical Premium Subsidy Life Insurance Benefits SingleFamily Option1 (less than 65 years old) $ 30 $250.00/mo. $ 30 $873.00/mo. $50,000 Premium You pay: $29.00/mo. At 65 years of age the premium reduces to… $ /mo. $ /mo. $25,000 Premium You pay: $14.50/mo. At 70 years of age the premium reduces to… $ /mo. $ $12,500 Premium You pay: $7.25/mo. Option 2$ /mo. $ /mo. $10,000 You pay: $5.80/mo.

Monthly Income $2, – Health Insurance – Dental Insurance – Life Insurance $2,411.10

DROP OPTION D = Deferred R = Retirement O = Option P = Plan

DROP EXAMPLE: Grade 16 employee with 32 years of service and wishes to DROP two years…. Employee will still receive the monthly income of $2, PLUS…..

DROP CONTINUED…. A lump sum amount of approximately $67,473.52!!!!! To calculate…. Take the x = $67,473.52