# Years Pension Participation at Retirement (including City Buyback Service):
# Years Non-City Buyback Service (Military or Out-of-City Public):
Retirement Eligibility for General employees. (Part C Participants)
Normal: Either 30 years of service or age 62 and 5 years of service.
Early: Either 25 years of service or age 55 and 5 years of service.
Accrual Percentage for General Employees: 2.25% per year.
Out of City and Military Buyback Service 2% per year.
Leave Hours Available for Pension Benefit
Leave hours were capped as of July 1, 2011. You may only use your capped leave hours up to the 240 max in the calculation.
(Capped leave hours may be viewed in PeopleSoft Self-Service – to Benefits- Retirement Planning Info)
If you were hired on or after July 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 5 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.