New Retirement Factor Computation for Safety Members hired on or after January 1, 2012 but before July 20, 2012, as Fire Fighters of the City Fire-Rescue Department. A Safety Member, who is employed as a Fire Fighter of the City Fire-Rescue Department and is hired by City on or after January 1, 2012, but before July 20, 2012, will have a Retirement Calculation Factor of 3% when the Safety Member reaches age 55 with at least ten years of Creditable Service. A Safety Member who is employed as a firefighter of the City Fire-Rescue Department and is hired by City on or after January 1, 2012, will have the option to retire at the age of 50 after twenty years of Creditable Service with a proportionately reduced Unmodified Service Retirement Allowance, as follows: Retirement Calculation Factor is 2.5% at age fifty; 2.6% at age 51; 2.7% at age 52;
New Retirement Factor Computation for Safety Members. Hired On or After January 1, 2012 but before July 1, 2013, as sworn officers of City Police Department. A Safety Member, who is employed as a sworn officer of City Police Department and is hired by City on or after January 1, 2012, will not be entitled to a Retirement Calculation Factor of 3% unless and until the Safety Member reaches age 55 with at least ten 10 years of Creditable Service. A Safety Member, who is employed as a sworn officer of City Police Department and is hired by City on or after January 1, 2012, will have the option to retire at age of 50 after 20 years of Creditable Service with a proportionately reduced Unmodified Service Retirement Allowance, as follows: Retirement Calculation Factor is 2.5% at age 50; 2.6% at age 51; 2.7% at age 52; 2.8% at age 53; 2.9% at age 54; and 3.0%at age 55. For purposes of determining retirement allowance for these Safety Members, “Final Compensation” will be defined as the average of the Safety Member’s three highest years of Base Compensation at any time during their Membership in the System.
New Retirement Factor Computation for Safety Members hired on or after January 1, 2012 but before July 20, 2012, as Fire Fighters of the City Fire- Rescue Department A Safety Member, who is employed as a Fire Fighter of the City Fire-Rescue Department and is hired by City on or after January 1, 2012, but before July 20, 2012, will have a Retirement Calculation Factor of 3% when the Safety Member reaches age 55 with at least ten years of Creditable Service. A Safety Member who is employed as a firefighter of the City Fire-Rescue Department and is hired by City on or after January 1, 2012, will have the option to retire at the age of 50 after twenty years of Creditable Service with a proportionately reduced Unmodified Service Retirement Allowance, as follows: Retirement Calculation Factor is 2.5% at age fifty; 2.6% at age 51; 2.7% at age 52; 2.8% at age 53; 2.9% at age 54; and 3.0% at age 55. For purposes of determining retirement allowance for these Safety Members, "Final Compensation” will be defined as the average of the Safety Member's three highest years of Base Compensation at any time during their Membership in the System. Limiting the Defined Benefit Plan to employees hired before July 20, 2012 is subject to the reopener provisions on Proposition B in Article 31, Section E.
New Retirement Factor Computation for Safety Members. Hired On or After January 1, 2012, as sworn officers of City Police Department.
