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April 13, 2013

New Castle Finances: City pension benefits, contributions

NEW CASTLE — Following are the benefits and contributions for New Castle’s three pension plans as of Jan. 1, 2011:

Police

Retirement date

If hired before Jan. 1, 1988, completion of 25 years of service

If hired on or after Jan. 1, 1988, age 55 and completion of 25 years of service

Benefits

If hired before Jan. 1, 2008, 75 percent of average compensation plus a service increment, if any. A service increment is an additional monthly benefit equal to $100 for completion of 25 or more years of credited service.

If hired on or after Jan. 1, 2008, 50 percent of average compensation plus a service increment, if any.

Contributions

If hired before Jan. 1, 1988, 5 percent of base and longevity pay plus $1 per month

If hired on or after Jan. 1, 1988, 4.5 percent of base and longevity pay plus $1 per month.

Average monthly benefit

For active members, those who are current city employees — $3,033

For beneficiaries, including retirees and disability and survivor benefits — $2,558

Fire

Retirement date

If hired before Jan. 1, 1988, age 50 and completion of 20 years of service

If hired on or after Jan. 1, 1988, age 55 and completion of 20 years of service

Benefits

If hired before Jan. 1, 2007, 75 percent of average compensation plus service increment, if any. The service increment is 1/40 of the basic pension for each completed year of credited service in excess of 20 years, up to a maximum of $100.

If hired on or after Jan. 1, 2007, a monthly benefit based on the following schedule:

•55 percent after 20 years and age 55

•65 percent after 25 years and age 55

•70 percent after 30 years and age 55

Contributions

7 percent of base and longevity pay, plus $1 per month

Average monthly benefit

For active members — $3,471

For beneficiaries — $2,458

Non-uniformed

employees

Retirement date

Age 60 and completion of 20 years of service

Benefits

A monthly benefit equal to 50 percent of average compensation.

Employees who have not elected to contribute more will have benefits reduced by 40 percent of the primary insurance amount of Social Security paid or payable to the participant.

Contributions

4.5 percent of compensation subject to Social Security taxation and 5 percent of remaining compensation.

Employees may irrevocably elect to contribute an additional 0.5 percent to eliminate the Social Security offset and an additional 1 percent to receive the surviving spouse benefit.

Average monthly benefit

For active members — $1,480

For beneficiaries — $1,041

(Source: Mockenhaupt Benefits Group. Actuarial valuation as of Jan. 1, 2011)

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