Tier-One members must choose among the following if SB 512 is passed:
· Remain in Tier-One with a contribution rate of 13.77 percent, an increase of 4.37 percent of salary
· Select the Tier-Two option with a contribution rate of 6 percent, a retirement age of 67, a reduced COLA and a reduced final average salary (IEA); all service frozen as of June 30, 2012
· Select the Tier-Three option, a Defined-Contribution Plan (401k), with a contribution rate of 6 percent; all service frozen as of June 30, 2012
Tier-Two membership must choose between the following if SB 512 is passed:
· Remain in Tier Two with a new contribution rate of 6 percent, a retirement age of 67, a reduced COLA and a reduced final average salary
· Select the Tier-Three option, a Defined-Contribution Plan (401k), with a contribution rate of 6 percent; all service frozen as of June 30, 2012
New hires will have to choose within six months of the date of employment between the following if SB 512 is passed:
· Elect to participate in Tier Two with a contribution rate of 6 percent, a retirement age of 67, a reduced COLA and a reduced final average salary
· Elect to participate in Tier Three option, a Defined-Contribution Plan (401k), with a contribution rate of 6 percent; all service frozen as of June 30, 2012
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