VMERS Group Comparison

 

Group Comparison Group A Group B Group C Group D
Employee Contributions 2.5% of gross salary 4.75% of gross salary 9.625% of gross salary to 12/31/14; 9.75% of gross salary to 6/30/15 11.25% of gross salary
Employer Contributions 4% of gross salary 5.375% of gross salary 6.875% of gross salary to 12/31/14; 7% of gross salary to 6/30/15 9.75% of gross salary
Average Final Compensation (AFC) Highest 5 consecutive years Highest 3 consecutive years Highest 3 consecutive years Highest 2 consecutive years
Benefit Formula 1.4% x creditable service x AFC 1.7% x creditable service x AFC + previous service: 1.4% x Group A x AFC 2.5% x creditable service x AFC + previous service: 1.4% x Group A x AFC 1.7% x Group B x AFC 2.5% x creditable service x AFC + previous service: 1.4% x Group A x AFC 1.7% x Group B x AFC 2.5% x Group C x AFC
Maximum Benefit Payable 60% of AFC 60% of AFC 50% of AFC 50% of AFC
Normal Retirement (no reduction) Age 65 with 5 years of service or 55 with 35 years of service Age 62 with 5 years of service or 55 with 30 years of service Age 55 with 5 years of service Age 55 with 5 years of service
Post-Retirement COLA 50% of CPI, up to 2% per year 50% of CPI, up to 3% per year 50% of CPI, up to 3% per year 50% of CPI, up to 3% per year
Early Retirement Eligibility Age 55 with 5 years of service Age 55 with 5 years of service N/A Age 50 with 20 years of service
Early Retirement Reduction 6% per year from age 65
**
6% per year from age 62
**
N/A No Reduction
Post-Retirement Survivorship Options 100% and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary 100% and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary 100% and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary 70% spousal survivorship with no reduction in retiree's benefit
Benefit Eligibility - Other (Vested Rights, Disability, Death-in-Service) 5 years of service 5 years of service 5 years of service 5 years of service
Disability Benefit Unreduced, accrued benefit Unreduced, accrued benefit Unreduced, accrued benefit Unreduced, accrued benefit, plus children's benefit representing 10% of AFC to maximum of 3 concurrently
Death-in-Service Benefit Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied 70% of accrued benefit with no actuarial reduction applied
 

 

 

 ** A special early retirement factor of 3% per year only for municipal police officers who have attained age 60.