Tier 1 benefits are for participants who first become a fireman or paramedic under this Article before January 1, 2011. The calculation of a retirement annuity may not exceed 75% of the highest salary received by a participant.

Retirement Annuities: Participates With More Than 20 Years of Service

Minimum Formula Annuities are payable to participants that have attained age 50 and have at least 20 years of accumulated service credit, or after December 31, 1990 a participant may withdraw with 20 years of service regardless of their age and receive this annuity upon attainment of age 50.

The calculation of a Minimum Formula Annuity is equal to 50% of the average salary for the highest 48 consecutive months of the last 10 years of service, plus an additional 2.5% of such average salary for each year of service or fraction thereof beyond 20 years of service based on the entrance date into the Fund. This service is reduced by any lost time at the date of withdrawal. Minimum Formula Annuity benefits may not exceed 75% of such final average salary.

Effective January 1, 2016, the minimum annuity for those who have retired from service at age 50 or over with 20 or more years of service shall be no less than 125% of the Federal Poverty Level.

Alternative Minimum Formula Annuities (More Than 23 Years of Service)

Tier 1 participants are eligible to receive Alternative Minimum Formula Annuities for participants that have attained age 53 and have at least 23 years of accumulated service credit.

The calculation of an Alternative Minimum Formula Annuity is equal to 50% of the average salary, plus an additional 2% of average salary for each year of service or fraction thereof after attaining age 53 with 23 years of service. Each participant who has completed 23 years of service before attaining age 53 shall have an additional 1% of average salary added for each year of service or fraction thereof in excess of 23 years up to age 53. For purposes of this section, average salary is the highest 48 consecutive months of the last 10 years of service. This service is reduced by any lost time at date of withdrawal.

Effective January 1, 2016, the minimum annuity for those who have retired from service at age 50 or over with 20 or more years of service shall be no less than 125% of the Federal Poverty Level.

Tier 2 benefits are for participants who first become a fireman or paramedic under this Article on or after January 1, 2011.

Annuities for Participates with More Than 10 Years of Service

A participant age 50 or more that has 10 or more years of service shall be entitled, at his or her option to receive a monthly retirement annuity for his creditable service computed by multiplying 2.5% for each year of service by his or her final average salary.

The retirement annuity of a participant who is retiring after attaining age 50 with 10 or more years of creditable service shall be reduced by ½ of 1% for each month that the participant is under 55. Members with at least 10 years of service may resign from the Fire Department prior to age 55 and wait to make an application for retirement anytime between 50-55 to reduce or eliminate any annuity reduction.  The annuity benefit at age 55 with 10 years of service is unreduced. 

The Maximum retirement annuity shall be 75% of final average salary. “Final Average Salary” means grater of (1) the highest average monthly salary of 96 consecutive months within the last 120 months of service or (2) the highest monthly salary of 48 consecutive months within the last 60 months of service. Salary is limited to the annual (January 1 – December 31) salary cap.

For all purposes under this Plan, including without limitation the calculation of benefits and employee contributions, the annual salary based on the plan year of a member or participant to whom this section applies shall not exceed the current years salary cap (click here to view salary caps); however, that amount shall annually thereafter be increased by the lesser of (i) 3% of that amount, including all previous adjustments, or (ii) one-half of the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, including all previous adjustments.

Automatic Annual Increases for Tier 2 Participants

The monthly annuity of a participant shall be increased on January 1st after the attainment of age 60 or the 1st anniversary of the annuity start date, whichever is later.

Each annual increase shall be calculated at 3% or one-half of the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, whichever is less, of the originally granted retirement annuity. If the annual unadjusted percentage change in the consumer price index-u for a 12-month period ending in September is zero or, when compared with the preceding period, decreases, then the annuity shall not be increased.