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SERS explains tier 2 retirement formulas, contribution rates and COLA rules
Summary
Presenter summarized tier 2 eligibility, alternative vs. regular formulas, contribution splits for coordinated and noncoordinated positions, and how cost-of-living adjustments are determined.
A State Employees Retirement System presenter reviewed tier 2 retirement rules, the formulas used to calculate pensions for coordinated and noncoordinated positions, contribution rates for regular and alternative formulas, and the system's cost-of-living adjustment (COLA) provisions.
Why it matters: the retirement formula and contribution type determine how a member's final average compensation (FAC) and years of service convert into a monthly pension and when a member can retire without reduction.
Key points from the session: - Tier 2 definition and eligibility: tier 2 members are those who became members on or after Jan. 1, 2011. Regular…
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