Sentences with phrase «generous pension formula»
Tier 2 offers worse benefits for new teachers: it has a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer years to collect pension payments over a lifetime), a less generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower COLA.
https://www.teacherpensions.org/ Not exact matches
Her benefits improved substantially as a result of pension formula enhancements in 1996, 1999, 2000, and 2002, creating a much more generous benefit at the back end of her career.
If governments had followed a formula like «use the Long Baa bond yield for the discount rate,» they would not have been as generous with pensions.