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its a wonderful plan for the people
Best thing about the pension plan is the employer match. One worry is the long term sustainability of the plan. Unfunded pension liability is becoming a problem if Management doesn't make some changes.
You pay into your retirement and they also offer a drop program for city employees that pays out a lump sum after a person commits to work after they retire
Is the best I have ever known.
For regular employees the feature is fair but the number of years is increasing for benefits to be paid and employees contributions rising
Drop from 3% to 2.5%
It accumulates at 2.5% of your salary for each year that you work there and takes 5 years to become vested as a general employee. There is a rule of 80 retirement at the city (your years of service plus your age must add up to 80 before you'll start getting your pension, once vested).
Was better decreased when economy got worse. Thankfully, they grandfathered people before changing the plan.