Service Retirement

Group II (Police and Fire) members not vested prior to January 1, 2012 but hired prior to July 1, 2011

Group II (Police and Fire) members not vested prior to January 1, 2012 but hired prior to July 1, 2011
Group II members are eligible to retire (1) at age 60, regardless of their years of Creditable Service, or (2) upon attainment of the minimum age and service requirements below. The benefit multiplier used to calculate the pension benefit is also based on years of Creditable Service as of January 1, 2012. Different provisions apply to members with Split Benefits

 Years of Creditable Service as of 1/1/12 Minimum Age  Minimum Service   Benefit Multiplier
 At least 8 but less than 10 years 46 21 2.4%
 At least 6 but less than 8 years  47 22  2.3%
 At least 4 but less than 6 years  48  23  2.2%
 Less than 4 years  49 24  2.1%

Annual Pension Calculation

The following calculation is based on the maximum retirement allowance payable and does not include any applicable reduction under an Optional Allowance.

Average Final Compensation multiplied by the benefit multiplier multiplied by Creditable Service
= approximate annual pension amount

Annual Pension Calculation Example:

A Group II member who had at least eight years but less than ten years of Creditable Service as of January 1, 2012 who retires with 21 years of Creditable Service at age 46 with an Average Final Compensation of $40,000:

Annual pension calculation ages 46 and older:
$40,000 multiplied by 2.4% = $960 multiplied by 21 years = $20,160

Filing for Retirement - Filing deadlines and requirements