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Retirement board proposes lowering employee vesting from 8 to 5 years; actuary says fiscal impact is minor
Summary
Arapahoe County retirement staff proposed lowering the defined‑benefit plan vesting period for members hired on/after July 1, 2010 from eight years to five, and actuaries said the fiscal impact would be very small.
The Arapahoe County Retirement Board and actuaries on Jan. 14 proposed lowering the vesting requirement for defined‑benefit plan members hired on or after July 1, 2010 from eight years to five years.
Actuary Christy Kiesel and colleague Dana (actuary) explained the proposal and the cost dynamics. They said the relationship between the cash refund and the accrued lifetime annuity has shifted over time: current members contribute 9% of pay and the benefit multiplier is 1.85% of final average pay, so for many…
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