When can I retire?
You can retire on an unreduced benefit at age 55 with 7 years of service.

When can I take an early retirement?
You can retire early between the ages of 42 and 55 if you have completed three years of service, except BPOA employees hired after 7/1/06 and BFA employees hired after 1/1/07 the minimum age is 45.

How much is my benefit reduced for early retirement?
The reduction is calculated on an actuarial table, based on the closer you are to age 55 or 25 years of service. However, the early retirement reduction where service is 20 to 25 years will be 1.82% for each year less than 25.

How is my benefit calculated?
The formula is 2.75% x AFC x Service not more than 25 years, plus .5% x AFC x Service up to 10 years. AFC is your Average Final Compensation, which is the average of your best three years of base earnings. Except that BPOA employees hired after 7/1/06 and BFA members hired after 1/1/07 the accrual rate is 2.65%

How much do I contribute?
You contribute 10.8% of your base pay on a before-tax basis.

What does vested mean?
The amount you are vested is the percentage of your earned benefit that you are entitled to. You are 20% vested after three years, and the percent vested goes up 20% a year until at seven years you are 100% vested.

What if I become disabled?
If you meet the definition of disability, you may be eligible for the disability benefit which is wage continuation at 75%. The benefit may begin 90 days after the onset of disability, which is defined as the first day you did not work. The time that you are totally disabled is counted as service credit toward an eventual service retirement.

What happens if I die while a City employee?
If you have a legal spouse at the time of your death, a survivor's benefit in the amount of 30% of your basic monthly earnings will be paid until the earlier of your spouse's death or second anniversary of remarriage. The amount of this benefit will be increased by 5% for one eligible child and 10% for two or more eligible children. This children's benefit is payable until the earliest of the child's death, marriage or attainment of age 21.

How is my benefit protected from the effects of inflation?
The System provides for cost of living increases matching the Consumer Price Index up to 5%. At the time of retirement you have three choices in terms of the cost of living increases. You can choose the normal accrual rate (2.75% or 2.65% depending on your hire date) with the full cost of living increase payable. You can choose a higher accrual rate (3.25%) with half the cost of living increase payable. Finally you can choose an even higher accrual rate (3.80%3.60%) with no cost of living increase payable. BPOA employees hired after 7/1/06 and BFA employees hired after 1/1/07 only have the 2.65% Full COLA option.