Retirement Cheat Sheet

GE

( General Employees)

PBA

(Police Benevolent Association)

IAFF

(International Association of Fire Fighters)

MPP

(Management Pension Plan)

Vesting Period

7 years

10 years

10 years

5 years

Normal Retirement

If hire date is after 11/20/2001:

  • 20 years of credited service or
  • Age 65 and 7 years of credited service
  • If you have at least 7 years of credited service and separate, you can elect to receive benefits on the date you would have completed 20 years of credited service provided you have also reached age 55.

Tier 1

  • 20 years  of service or
  • Age 55 and 10 years of credited service

Tier 2

  • 25 years  of service or
  • Age 55 and 10 years of credited service
  • 25 years  of service or
  • Age 55 and 10 years of credited service
  • 20 years  of service or
  • Age 55 and 10 years of credited service or
  • Age 62  and 5 years of credited service

Early Retirement

Age 55 and 7 years of service

Age 50 and 10 years of service

Employee Contribution Rate

7.36%

13.4% of earnings including first 300 hours of overtime earned each year (pre-tax)

8.47%

13.515%