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(a) 2.03%* x Final Average Pay
x Credited Service prior to 1/1/2004 [maximum 40 years]; plus
(b) 0.65%** x Final Average Pay x Credited Service
earned on or after 1/1/2004 [maximum 40 years less Credited Service used
in (a)]
Note: If retired or terminated employment prior to December 1, 2003, different
benefit provisions will apply. If hired before January 1, 1983, see Grandfather
Formula
See Example
*With at least one Hour of Service on or after 12/1/1999.
**With at least one Hour of Service on or after 12/1/2003.
This amount may be reduced if benefit payments begin before
age 65 depending on which of the following three applies:
Age 50 and 20 Years of Credited Service
(with at least one Hour of Service
on or after 1/1/1998) at time of termination of bargaining unit employment*:
Age 60 or older, no reduction; otherwise reduced 5% per year less than
age 60.
See table.
* or terminated bargaining unit employment with 20 years
of Credited Service prior
to age 50 as part of the 2001 Involuntary Separation Program
Rule of 85: Age plus
Credited Service is at least
85 (with at least one Hour of Service on or after 12/1/1999) at time
of termination of bargaining unit employment: no reduction.
All other instances: see table.
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