New retirement terms for city

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webmaster | 09/13/12

New employees of the City of Madera will find they will have less generous retirement benefits than their colleagues already on the job.

The City Council voted last week to adopt an amendment to the contract between the city and the California Public Employees Retirement System to provide a second-tier retirement formula for “miscellaneous employees.”

The amended agreement provides for “2 percent at 60 with retirement income calculated based on three-year average compensation.”

Employees already on the job receive 2.5 percent at 55, based on the single highest year’s compensation...

 

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