Retirement Eligibility for Fire employees. (Part C Participants)
Normal: Either 25 years of service or age 55 and 5 years of service.
Early: Either 20 years of service or age 50 and 5 years of service.
Accrual Percentage for Fire Employees:
3% accrual first 20 years, then 4% accrual next 5 years, and 3% accrual thereafter. Out of City and Military Buy Back Service 2% per year.
Leave Hours Available for Pension Benefit
Leave hours were capped as of October 1, 2013. You may only use your capped leave hours up to the 318 max in the calculation based on your position.
(Capped leave hours may be viewed in PeopleSoft Self-Service – to Benefits- Retirement Planning Info)
If you were hired on or after October 1, 2011, leave hours cannot be included in your calculation.
Average Monthly Base Salary =
(Sal Year 1 + Sal Year 2 + Sal Year 3 + Annual Leave Payment) / 36 * Accrual Rate
You're not eligible for early retirement
You are eligible for Early Retirement if:
you have completed 25 years of service with the City, regardless of your age; or
you reach at least age 55 and have 10 years of service with the City.
*The maximum accrual allowed is 81%.
** Per Year Adjustment for Early Retirement may actually be lower depending on number of years service
and age at retirement.
*** Salary and leave information may be viewed on PeopleSoft Self-Service under Benefits, Retirement Planning Info.