QUICK SUMMARY OF 2010 SESSION PENSION PROPOSALS
1. Phase in a 25 year system to replace current 20 year. As follows:
a. Firefighters currently with less than 4 years of service, 25 years.
b. Firefighters currently with 4-7 years, 24 years minimum.
c. Firefighters 7-10, 23 years of service to qualify.
d. Firefighters 11-13 years of service, eligible after 22 years.
e. Firefighters currently with 13-16 years, eligible after 21 years
f. Firefighters currently with 16 or more years, no change.
2. Eliminate 70% ceiling for maximum pension allowance. Not retroactive but starting July of 2010? Each additional year of service beyond 30 will increase the percentage of final average salary by 2%.
3. Contribution rate increases just over 5% of salary (Division B). Slightly less A.
4. Post retired employees hired after 7/2010 must have pension payments suspended. Employers will be required to pay pension contributions for any hired prior to that date and no longer need pay any 401K benefit.
For Firefighters hired after July 0f 2011:
1. Will be included in the new big system for all public employees.
2. Will earn 1% per year of service.
3. Or may choose Defined Contribution instead.
4. 4 year vesting.
