New Multiplier for Retirement Benefits
Senate Bill 1295 increases the multiplier used to calculate your
retirement benefit for members who retire after May 9, 2001 with 20
or more years of credited service. The current formula used to calculate
your retirement benefit is:
(Yrs. of Service) X (Avg. Monthly Compensation) X (Applicable Multiplier)
A graded multiplier was put into effect that increases
incrementally for members retiring with over 20 years of
service:
| Years of Service |
Multiplier Effective for Members Retiring After May 9, 2001 |
Increase in Benefits (over current 2.10 multiplier) |
| 0.00 to 19.99 Years of Service |
2.10% |
no increase |
| 20.0 to 24.99 Years of Service |
2.15% |
(2.38% increase in pension) |
| 25.0 to 29.99 Years of Service |
2.20% |
(4.76% increase in pension) |
| 30.0 or more Years of Service |
2.30% |
(9.52% increase in pension) |
|
