VSTRS Group Comparison
|
Group Comparison |
Group A | Group C |
|---|---|---|
| Employee Contributions | 5.5% of gross salary | 3.54% of gross salary |
| Employer Contributions | 7.41% of gross salary | 7.41% of gross salary |
| Benefit Formula | 1.67% x creditable service | 1.25% x service prior to 6/30/90 + 1.67% x service after 7/1/90 |
| Maximum Benefit Payable | 100% of AFC | 50% of AFC |
| Average Final Compensation (AFC) | Highest 3 consecutive years, including unused annual leave, sick leave, and bonus/incentives | Highest 3 consecutive years, excluding all payments for anything other than service actually performed |
| Normal Retirement (no reduction) | Age 60 or with 30 years of service | Age 62 or with 30 years of service |
| Post-Retirement COLA | Full CPI, up to a maximum of 5% after 12 months of retirement | 50% CPI, up to a maximum of 5% after 12 months of retirement or with 30 years |
| Early Retirement Eligibility | Age 55 with 5 years of service | Age 55 with 5 years of service |
| Early Retirement Reduction | Actuarial reduction | 6% per year from age 62 |
| Post-Retirement Survivorship Options | 100%, 75%, and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary | 100%, 75%, and 50% (with or without pop-ups), all actuarially reduced based on age of beneficiary |
| Benefit Eligibility - Other (Vested Rights, Disability, Death-in-Service) | 5 years of service (vested and disability) 10 years of service, or age 55 with 5 years (death-in-service) | 5 years of service (vested and disability) 10 years of service, or age 55 with 5 years (death-in-service) |
| Disability Benefit | Unreduced, accrued benefit with minimum of 25% of AFC | Unreduced, accrued benefit with minimum of 25% of AFC |
| Death-in-Service Benefit | Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied, plus children's benefit up to maximum of 3 concurrently | Disability benefit or early retirement benefit, whichever is greater, with 100% survivorship factor applied, plus children's benefit up to maximum of 3 concurrently |
| Medical Benefits | 80% of retiree's premium with 10 years of service | 80% of retiree's premium with 10 years of service |
| Plan Description |
Group A | Group C |
Group A members cease contributions upon attainment of 25 years of service.
