Service Retirement
Tier B: 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.
| 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% * |
* The benefit multiplier increases to 2.5% for all years after the first 15 years of Group II service for members who retire under Service or Ordinary Disability retirement on or after July 1, 2024. The first 15 years of Group II service will accrue a multiplier of 2.4% to 2.1%, depending on how many years of service the member had on January 1, 2012. The multiplier does not increase when a member retires under Vested Deferred Retirement.
For more information on the multiplier adjustment, see FAQ.
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