Attachment F – Actuarial Cost of Maintaining Current Normal Retirement Age Beyond June 30, 2022

The Revised 2011 SEBAC Agreement provided for current employees who  retired after July 1, 2022:

Normal Retirement eligibility increases from Age 60 and 25 years of Benefit Service or Age 62 and 10 years of Benefit Service to Age 63 Wage and 25 Years of Benefit Service or Age 65 and 10 years of Benefit Service. This change affects all years of service earned on or after July 1, 2011. By July 1, 2013, current employees may make a one-time irrevocable election to begin paying the actuarial cost of maintaining the normal retirement eligibility that exist in the present plan which is scheduled to change on July 1, 2022. The cost shall be established by the Plan’s actuaries and shall be communicated to employees by the Retirement Division. Such election shall be made on a form acceptable to the Retirement Commission and shall indicate the employee’s election to participate or not to participate. In the event the employee fails to make an election, he/she shall not be eligible to participate. Click Here for the calculator to determine the cost of such service.

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