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.
Not exact matches
The RSC budget make Social Security sustainably solvent by implementing a slightly modified version of Representative Sam Johnson's (R - TX) «Social Security Reform Act,» which would slow initial benefit growth for
higher earners, gradually raise the
normal retirement age to 70, and eliminate annual cost - of - living adjustments for
higher earners while using the more accurate chained Consumer Price Index (CPI)(currently used for the tax code) for other beneficiaries.
Benefits can be
higher than the PIA if one retires after the
normal retirement age.
As part of ongoing public sector pension scheme reforms, members of both the firefighters» and judicial pension schemes were compulsorily transferred into new arrangements with less favourable
retirement benefits, including a lower rate of accrual and a
higher normal pension age.