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Summary of Plan - Plan D
This Plan was mandatory for full-time Park Police hired on or after July 1, 1990, and prior to July 1, 1993, and for all Plan C Participants transferred effective July 1, 1990.
Employee ContributionsPlan D members contribute 7% of their base pay for each pay period. Normal and Early Retirement BenefitsA member may retire with full benefits after attaining the age of 55 with at least five years of Credited Service, or after completing 22 years of Credited Service regardless of age. The annual amount of retirement benefits payable to a member who retires on or after his/her Normal Retirement Date shall be an amount equal to 2.27% of Average Annual Earnings, multiplied by years of Credited Service up to 22 years. For a member who retires with exactly 22 years of Credited Service, the annual amount of his/her retirement benefits shall be 50% of Average Annual Earnings. The annual amount of retirement benefits payable to a member who retires with more than 22 years of Credited Service shall be in an amount equal to 50% of Average Annual Earnings, plus 2% of Average Annual Earnings multiplied by years of Credited Service in excess of 22 years. A member may retire with reduced benefits after he/she has completed 20 or more years of Credited Service. The annual amount of retirement benefits payable will be reduced by 1/180 for each month by which the Early Retirement Date precedes the member's Normal Retirement Date.
Death Benefits
If a Participant is survived by a spouse, and the Participant died either: (a) as a result of a service-connected accident or illness; or (b) after the Participant had attained 10 or more years of Credited Service, the spouse shall be entitled to an annual benefit, payable until death, in an amount equal to the greater of the following:
(a) An amount equal to the benefit at his/her Normal Retirement Date on the basis that the deceased had continued as a Participant, at the same Base Pay received during his/her last completed year of employment; or
(b) 25% of the Final Annual Base Pay of the Participant. If a Participant is survived by a spouse, and the Participant died as a result of a non-service-connected accident or illness and the Participant had less than 10 years of Credited Service, the spouse shall be entitled to an annual benefit, payable until death, in an amount equal to 25% of the Final Annual Base Pay of the Participant. In both instances of service-connected and non-service-connected death, if a Participant does not leave a surviving spouse entitled to the benefits, or if the surviving spouse should die, then benefits shall be payable to the surviving children. Children shall receive benefits until they reach the age of 18, or the age of 23 if a full-time student. If the surviving children are totally disabled and incapable of self-support, then benefits are payable until their death. See the
publication Summary
Plan Description (SPD) - Park Police (Plans C & D) and the Summary
Description of Material Modifications (SMM) - Park Police (Plans C
& D) for more
information. If any information conflicts with the Retirement Plan Document, the terms of the Retirement Plan Document shall prevail. |