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' Retirement System
All new employees in the Employees’ Retirement System hired on or after 7/1/19 will be in Plan E.
Plan E benefits are the same as ERS Plan D, except that:
- The Plan E benefit formula does not include the 3 percent one-time ad-on factor.
In other words, (2.0% x Final Average Salary x Benefit Service = $ Your Retirement Benefit). - There is no Pre-Social Security Benefit for Plan E members.
- There is an Early Age Option, to temporarily increase retirement benefits until normal Social Security age; with a reduced post-Social Security benefit.
A comparison of the various ERS Plans are summarized in a Comparison Chart (link).
Police Officers Retirement System
All new Police Officers hired on or after 7/1/19 will be in Plan C.
Plan C benefits are the same as PORS Plan B, except that:
- The Plan C benefit formula does not include the 3 percent one-time ad-on factor.
In other words, (2.8% x Final Average Salary x Benefit Service = $ Your Retirement Benefit).
A comparison of the various Police Officers Plans are summarized in a Comparison Chart (link).
Uniformed Retirement System
All new employees in the Uniformed Retirement System, hired on or after 7/1/19, will be in Plan F.
Plan F is the same as URS Plan E, except that:
- The Plan F benefit formula does not include the 3 percent one-time ad on factor.
In other words, (2.5% x Final Average Salary x Benefit Service = $ Your Retirement Benefit). - There will be no Pre-Social Security Benefit.
- There is an Early Age Option, to temporarily increase retirement benefits until Social Security age; with a reduced post-Social Security benefit.
A comparison of the various Uniformed Plans are summarized in a Comparison Chart (link).