For those employees who currently have some or all of their service time in the General Retirement Plan, the following will apply:
- Employees in the non-contributory retirement plan, also known as Plan 3, and who have five years of service, shall have the opportunity to transfer to the contributory retirement plan, also known as Plan 2 or Plan 4 (depending on original date of hire). This change in plans covers future service only. Employees will have a one-time option to make such a transfer and the transfer decision can be made at any point after five years of service. The selection must be made in writing and is irrevocable.
- Retirement Plan 2 participants will be eligible for a maximum annual cost of living adjust to the retirement benefit of 3% per year. There is no “banking” or “roll-over” of any cost of living adjustment in excess of the annual adjustment.
For employees hired on or after July 13, 1997, the Plan 2 COLA will be limited to 2% per year and retirement will be calculated based on average salary for the thirty-six consecutive highest months rather than single highest year.
Implementation of these improvements to the retirement plans shall be made in accordance with the policies and practices of the Retirement Board and any disputes relative to implementation shall be settled by the Retirement Board, whose decision shall be final.