Normal Retirement See Basic Benefit. Payable in the second calendar year. Recent Events DROP enacted in February 2000. Recent Events Investment gains for 2002 year and thereafter will be spread equally between reducing employer normal costs and reducing employee contributions. COLA Ad hoc.
Employee gets the best.
Can retire with reductions at age 55. Retirees are receiving more than inflation. Recent Events Significant legislation recently enacted is in litigation. The law required benefit improvements but also forced reduction in salary scale for calculation of employer contributions.