The most recent Summary Annual Reports (SAR's) and Summary Plan Descriptions (SPD's)are now available:
Pension Fund (Defined Benefit) Updates:
The benefit accrual rate has been increased from $124.00 to $127.00 per month for all service credit for retirements on or after July 1, 2008. In general, to be eligible for the new accrual rate you must be retiring from covered service.
Supplemental Retirement Savings (Defined Contribution) Fund Updates:
A partial withdrawal option has been added to the fund for participants who are retired from active service and have a minimum balance of $5000.00. For those participants who qualify, a portion of their balance in the fund can be withdrawn once every ninety (90) days upon completion of a withdrawal request form. Previously a withdrawal for a retired participant required withdrawal of the entire balance in the account for payment either to the participant or for rollover to another qualified fund. This option is effective June 1, 2008. It will allow access to the Supplemental Retirement Savings Fund for retirees to pay for their health care coverage.
The Hourly defined Contributions rate has been increased from $3.75 to $4.25 for all service credit for retirements on or after June 1, 2007.
The Interest Rate for the Supplemental Retirement Savings Fund as of 5/31/06 was 5.132% and as of 5/31/07 is 8.98%
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