Police Officers Retirement Plan

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Employee Contribution Rate 9.8%
City Contribution Determined annually by Retirement Board Actuary
Vesting 100% after 10 years of credited service
Normal Retirement Eligibility Any age with at least 25 years of credited service
Age 55 with ten years of service
Early Retirement Eligibility Age 50 with at least 10 years of credited service
Normal Form of Benefit Life Annuity
Definition of Earnings Total cash remuneration and other than base salary shall be limited to 7.5% of base
Benefit Multiplier 3.25%
Maximum Benefit 81.25%
Average Monthly Earnings Highest four consecutive years out of the 10 years prior to retirement date
COLA Annual 1% COLA - January 1st five years after commencement of retirement benefits
DROP 5 Years

Assumptions Used:  
Assumed Return Rate(interest rate) 7.50%
Cost Method Entry Age Normal
Salary increase 4.75%
Mortality Table RP-2000 (projected to 2015 by Scale AA, as published by the IRS)