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Title 03
Chapter 03.05
Section 03.05.168
 

Title 03 Administration and Personnel

Chapter 03.05 Spokane Employees' Retirement System

Section 03.05.168 Summary of Benefits
  1. Plan defaults for those retiring under SMC 3.05.160, Tier 1:

    1. Calculation factor equals two and fifteen hundredths percent (2.15%) per year of creditable service.

    2. Calculation is capped at thirty (30) years of creditable service or sixty-four and one-half percent (64.5%) of final compensation.

    3. Final compensation based on highest two (2) consecutive years.

    4. At time of retirement, employee can switch to retirement structure in subsection (B) of this section – all criteria must be met.

    5. Five (5) years of City service for vesting.

    6. Minimum early retirement age is fifty (50) with five (5) years City service.

    7. Normal retirement age is sixty-two (62) years.

    8. Disability factor is one and twenty-five hundredths percent (1.25%).

    9. Military leave factor is one and two-thirds percent (1-2/3%).

    10. Portability and vested groups in place prior to January 1, 2009, are part of these defaults.

  2. Plan defaults for those retiring under SMC 3.05.165, Tier 2:

    1. Calculation factor equals two percent (2%) per year of creditable service.

    2. Calculation is capped at thirty-five (35) years of creditable service or seventy percent (70%) of final compensation.

    3. Final compensation based on highest two (2) consecutive years.

    4. Tier 2 “Rule of 75” (age plus years of City service must equal at least seventy-five (75) points).

    5. Five (5) years City service for vesting.

    6. Minimum retirement age is fifty (50) years.

    7. Normal retirement age is sixty-two (62) years.

    8. Employee with at least five (5) years City service will be able to retire at sixty-two (62).

    9. No change to disability calculation.

    10. Military leave factor is one and two-thirds percent (1-2/3%) and these defaults.

    11. Portability and vested groups in place after January 1, 2009 but prior to January 1, 2015, are part of these defaults.

  3. Plan defaults for those retiring under SMC 3.05.166, Tier 3:

    1. Calculation factor equals two percent (2%) per year of creditable service.

    2. Calculation is capped at thirty-five (35) years of creditable service or seventy percent (70%) of final compensation.

    3. Final compensation based on highest three (3) consecutive years.

    4. Tier 3 “Rule of 80” (age plus years of City service must equal at least eighty points (80).

    5. Seven (7) years City service for vesting.

    6. Minimum early retirement age is fifty (50) years.

    7. Normal retirement age is sixty-five (65) years.

    8. Employee with at least seven (7) years of City service will be able to retire at sixty-five (65).

    9. No change to disability calculation.

    10. Military leave factor is one and two-thirds percent (1-2/3%) and these defaults.

  4. Plan defaults for those retiring under SMC 3.05.167, Tier 4:

    1. Calculation factor equals two percent (2%) per year of creditable service.

    2. Calculation is capped at forty (40) years of creditable service or eighty percent (80%) of final compensation.

    3. Final compensation based on highest three (3) consecutive years, with overtime and base salary capped at one hundred and twenty percent (120% of base salary).

    4. Normal retirement age is sixty-five (65) years.

    5. Seven (7) years of City service for vesting.

    6. Employee with at least seven (7) years of City service will be able to retire at sixty-five (65).

    7. Unreduced Early Retirement:

      1. Minimum early retirement age is fifty (50) years.

      2. Satisfies at least one of the following:

        1. “Rule of 90” (age plus years of City service must equal at least ninety points (90)).

        2. “30 Year Rule” (must have at least 30 years of City service).

    8. Reduced Early Retirement: member can retire before normal retirement date, but the benefit is subject to reduction to reflect early commencement of benefits.

      1. Early retirements reduced by two and five-tenths percent (2.5%) times the lesser of:

        1. The excess of ninety (90) over the sum of the member’s attained age plus whole years of City service; or

        2. The excess of sixty-five (65) over the member’s attained age.

    9. No change to disability calculation.

    10. Military leave factor is one and two-thirds percent (1-2/3%) and these defaults.

  5. General Plan Defaults.

    1. Portability members hired or repurchasing time on or after January 1, 2009, will be part of the defaults for the plan tier that coincides with their participation date, and must meet the criteria in relating subsection (B or C) of this section between both systems to be eligible to retire in SERS.

    2. Pensioners who are rehired by the City on or after January 1, 2009, and suspend their pensions, will be part of the defaults for the, plan Tier that coincides with their participation date as they earn time toward a second pension.

    3. Employees who had previously withdrawn their retirement contributions and are rehired on or after January 1, 2009, will be part of the defaults for the plan Tier that coincides with their participation date, regardless if they buy back previous service time.

Date Passed: Monday, January 8, 2018

Effective Date: Wednesday, February 21, 2018

ORD C35574 Section 14