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by dragonwriter
2984 days ago
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> How is it possible that they can retire on 90% of their peak pay? Because the pension formula is an age-based benefit factor times years of service; for the “2% at 55” plan, the benefit factor ranges from 1.426% at age 50 to 2% at 55 (hence the name) to 2.418% at 63+. So someone retiring at 63+ with 37¼ years of service will get just over 90%. But that's a plan that is common to run of the mill civil service. Public safety pensions tend to have higher benefit factors at the same age (but top out, in benefit factor terms, sooner), so that level can be reached earlier. > It seems that it's based off of years of service instead of quality of service... Job type will effect which plan you are in. |
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