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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 09E_08/10/2004TWENTY FIVE AND OUT BENEFIT Actuarial Assumption Salary increase per year 6.00% Years of Em. 5 Year Retirement Retirement Service Age Year Salary Average Percentage Benefit 3 24 2004 $45,670.00 4 25 2005 $48,410.20 5 26 2006 $51,314.81 6 27 2007 $54,393.70 7 28 2008 $57,657.32 $51,489.21 21.50% $11,070.18 8 29 2009 $61,116.76 $54,578.56 25.00% $13,644.64 9 30 2010 $64,783.77 $57,853.27 28.50% $16,488.18 10 31 2011 $68,670.79 $61,324.47 32.00% $19,623.83 11 32 2012 $72,791.04 $65,003.94 36.00% $23,401.42 12 33 2013 $77,158.50 $68,904.17 40.00% $27,561.67 13 34 2014 $81,788.01 $73,038.42 44.00% $32,136.91 14 35 2015 $86,695.30 $77,420.73 48.00% $37,161.95 15 36 2016 $91,897.01 $82,065.97 52.00% $42,674.31 16 37 2017 $97,410.83 $$6,989.93 54.50% $47,409.51 17 38 2018 $103,255.48 $92,209.33 57.00% $52,559.32 18 39 2019 $109,450.81 $97,741.89 59.50% $58,156.42 19 40 2020 $116,017.86 $103,606.40 62.00% $64,235.97 20 41 2021 $122,978.93 $109,822.78 64.50% $70,835.70 21 42 2022 $130,357.67 $116,412.15 67.00% $77,996.14 22 43 2023 $138,179.13 $123,396.88 69.00% $85,143.85 23 44 2024 $146,469.88 $130, 800.69 71.00% $92, 868.49 24 45 2025 $155,258.07 $138,648.74 73.00% $101,213.58 25 46 2026 $164,573.55 $146,967.66 75.00% $110,225.74 26 47 2027 $174,447.97 $155,785.72 77.00% $119,955.00 27 48 2028 $184,914.85 $165,132.86 79.00% $130,454.96 28 49 2029 $196,009.74 $175,040.83 81.00% $141,783.08 29 50 2030 $207,770.32 $1$5,543.28 83.00% $154,000.93 30 51 2031 $220,236.54 $196,675.88 85.00% $167,174.50 31 52 2032 $233,450.73 $208,476.43 87.00% $181,374.50 32 53 2033 $247,457.78 $220,985.02 89.00% $196,676.67 33 54 2034 $262,305.24 $234,244.12 91.00% $213,162.15 34 55 2035 $278,043.56 $248,298.77 93.00% $230,917.86 Life Span 75 Years Total payments if retiring at age 55 $4,618,357.10 Total payments if retiring at age 46 $3.196.546.60 Savings $1,421,810.50 .5% increase in multiplier for years 16-20 07/29/2004 Birth Year at Year at Hire 25 Years Retirement Years of Proposed Original Year age 55 age 52 Year of service Year Service Change Plan Dodd 1973 2028 2025 1999 2024 2025 26 81.5% 78 Allison 1975 2030 2027 2001 2026 2027 26 81.5% 78 Gass 1979 2034 2031 2003 2028 2031 28 85.5°10 84 Harris 1980 2035 2032 2002 2027 2032 30 89.5% 90 Knapp 1980 2035 2032 2000 2025 2032 32 93.5% 96 Schumacher 1974 2029 2026 1999 2024 2026 27 83.5% 81 Spurgeon 1973 2028 2025 1999 2024 2025 26 81.5% 78 Tilles 1963 2018 2015 1993 2018 2018 25 79.5% 75 Trube 1968 2023 2020 1993 2018 2020 27 83.5% 81 07/29/2004 56% of of the Fire Department employees where adversfy affected by Plan Changes 07/29/2004 Birth Year at Year at Hire 25 Years Retirement Years of Benefit Before Year a e 55 a e 52 Year of service Year Service Chan a Chan e Dodd 1973 2028 2025 1999 2024 2025 26 77% 78 Allison 1975 2030 2027 2001 2026 2027 26 77% 78 Gass 1979 2034 2031 2003 2028 2031 28 81% 84 Harris 1980 2035 2032 2002 2027 2032 30 85% 90 Knapp 1980 2035 2032 2000 2025 2032 32 89% 96 Schumacher 1974 2029 2026 1999 2024 2026 27 79% 81 Spurgeon 1973 2028 2025 1999 2024 2025 26 77% 78 Tilles 1963 2018 2015 1993 2018 2018 25 75% 75 Trube 1968 2023 2020 1993 2018 2020 27 79% 81 07/29/2004