| How much do I contribute to the plan? |
As an active member of Tier 2, you contribute 7% of your pre-tax pay each pay period. Your contributions are automatically deducted from your paycheck. While you are an active member, your contributions will earn interest every six months (each June 30 and December 31).
Once you attain 30 years of service, you no longer contribute to the plan. |
| How is my benefit determined? |
Your benefit is based on a formula that takes into account your final rate of pay and years of service. Log on to see your personal information and review your accrued pension benefit. |
| How is my Service Pension calculated? |
Follow these steps to calculate your service pension:
- Calculate Your Normal Pension Base
Calculate your Normal Pension Base immediately preceding your retirement date. Your Normal Pension Base includes all eligible compensation: regular gross monthly salary, length of service (longevity) pay, hazard pay and assignment pay. Exclude non-regularly assigned hourly special pay.
- Calculate Your Years of Service Pension Percentage
Use this table to locate your years of service pension percentage based on your years of service. Remember, you must have a minimum of 20 years of service credit. You receive 2% per year for the first 24 years of service, 7% for the completed 25 year of service, and 3% per year for years over 25, up to a maximum of 70% with 30 years of service.
| If your years of service equals ... |
Then your years of service pension percentage is ... |
| 20 |
40% |
| 21 |
42% |
| 22 |
44% |
| 23 |
46% |
| 24 |
48% |
| 25 |
55% |
| 26 |
58% |
| 27 |
61% |
| 28 |
64% |
| 29 |
67% |
| 30 or more |
70% |
- Calculate Your Service Pension
Multiply your Normal Pension Base by your years of service percentage to determine your estimated monthly benefit.
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| How is my benefit paid? |
Your benefit is a guaranteed monthly payment for life and may allow you to provide continuing income to a qualified survivor. |
| What happens if I leave the Fire or Police Department before I can retire? |
Your contributions and accrued interest will be refunded to you if you were a system member on July 1, 1982 and are not eligible to retire. |
| When am I eligible to retire? |
You are eligible to apply for a service pension, at any age, after completing 20 years of aggregate service as a sworn employee of the Fire or Police Department. Learn how to apply for a service pension. |
| Will I receive cost of living adjustments (COLA)? |
Yes, you will receive cost of living adjustments (COLA) on your benefit. Review the Tier 2 COLA Overview. |
| Am I eligible for disability benefits? |
If you are unable to work due to injury or illness, you may be eligible for a disability pension. Learn more about your disability benefits. |
| What happens if I die? |
- If you are an active member with no qualified survivors entitled to a benefit, your contributions and interest will be refunded to your designated beneficiaries. Complete a Tier 2 Beneficiary Designation form if you wish to update your beneficiary information.
- If you are retired, an allowance may be paid to your qualified survivors.
- If you are retired and there are no qualified survivors entitled to a benefit, there is no refund of contributions and your pension benefits cease.
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