RE: Sustaining Stability
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Our multiplier is simple 2% for every year of service. At 62 I can retire with no benefit reductions since I would have over 30 years of service... We have to contribute to this plan and we don't even control the rate at which we contribute:
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Like I said, I don't really know how ours works. I just know it is out there. I think our factor is 1.5% or something like that, but then they take your last three years salary and average those. So like Final Average Compensation X 1.5% X years of service. It's honestly quite lose because they expect you will likely be eligible for SSI once you start taking it. Which is part of the reason I would definitely need to get another job if I retired when I can.
Yes, we have that also: "Your AFC is a monthly average of the compensation you earned over your 60 consecutive highest paid service credit months." So basically they will pay x% based on the last 5 years salary average...