VMERS Group Comparison
| Group Comparison | Group A | Group B | Group C | Group D |
|---|---|---|---|---|
| Employee Contributions | 2.5% of gross salary | 4.5% of gross salary | 9% of gross salary | 11% of gross salary |
| Employer Contributions | 4% of gross salary | 5% of gross salary | 6% of gross salary | 9.5% of gross salary (from July 1, 2006) 9% of gross salary (through June 30, 2006) |
| 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, plus children's benefit |
A special early retirement factor of 3% per year only for municipal police officers who have attained age 60.
