On December 4, 2018, the Board of Supervisors approved changes to the retirement systems' Code to create new plans in each system for employees hired on or after July 1, 2019. The changes are as follows:
Employees' System
All new employees in the Employees’ Retirement System hired on or after 7/1/19 will be in Plan E. Plan E is exactly the same as ERS Plan D, except that:
- The benefit formula will no longer include the 3 percent one-time ad on factor (2.0% x final average salary x Benefit Service = $ Your retirement benefit)
- there will be no Pre-Social Security Benefit
- there will be an Early age Option, to temporarily increase retirement benefits until normal SS age; with a reduced post SS benefit
A comparison of the various ERS plans are summarized in a Comparison Chart (link).
Police Officers System
All new Police Officers hired on or after 7/1/19 will be in Plan C. Plan C is exactly the same as PORS Plan B, except that The benefit formula will no longer include the 3 percent one-time ad on factor (2.8% x final average salary x Benefit Service = $ Your retirement benefit)
A comparison of the various Police plans are summarized in a Comparison Chart (link).
Uniformed System
All new employees in the Uniformed Retirement System hired on or after 7/1/19 will be in Plan F. Plan F is exactly the same as URS Plan E, except that:
- The benefit formula will no longer include the 3 percent one-time ad on factor (2.5% x final average salary) x Benefit Service = $ Your retirement benefit)
- there will be no Pre-Social Security Benefit
- there will be an Early age Option, to temporarily increase retirement benefits until normal SS age; with a reduced post SS benefit
A comparison of the various Uniformed plans are summarized in a Comparison Chart (link).
