Reduce the vesting period to 5 years of service effective March 1, 2001. Reduce the period used to calculate Average Final Compensation to the highest 36 consecutive months of the last 60 consecutive months for a member retiring on or after March 1, 2001.
All enhancements are effective immediately unless otherwise indicated above.
Educational sessions to explain the benefit changes and answer questions are tentatively scheduled for March 12 through March 16, 2001. Employees are urged to save their questions for the educational sessions rather than calling the Retirement System office. The office is preparing materials for the informational packets and the educational seminars and may be unable to respond immediately to every telephone call.