General Employees’ Pension Plan Information

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Employee Contribution Rate 10% (Closed to New Members)
City Contribution Determined Annually by Pension Board Actuary
Vesting 50% after Five Years of Continuous Service
Normal Retirement Eligibility Age 62, or age 55 with ten years of service
Normal Form of Benefit Single Life Annuity
Benefit Multiplier 3%
Average Monthly Earnings Based on highest consecutive three years of the ten full years immediately preceding retirement or termination date
COLA Annual COLA 2% on January 1 for qualified members
Stipend Stipend for members not retired and were active participants as on January 1, 2000. Two hundred dollars ($200.00) monthly to age 65 or one hundred fifty dollars ($150.00) monthly after age 65.
Assumed Rate of Return 6.5%
Cost Method Entry Age Normal
Salary Increases 5%
Mortality Table RP-2000 Projected Using Scale BB (FRS Assumption)