Pension Benefit Changes

This a brief summary, more details will follow.

Pension Changes:

CURRENT EMPLOYEES (Vested)

1. Increased contribution, from 5.5% to 6.5%. Additional 1% increase phased in over 7 years, capped at 7.5%

2. No change final average salary – 3 years

CURENT and FUTURE RETIREES

No cost- of –living adjustments (COLA’s),

until Pension Fund is 80% fully funded.

NEW EMPLOYEES

1. 30 years of service, age 65 for full retirement

2. Early retirement, need 30 years of service, and penalty of 3% per reduction under the age of 65

Health Care Changes:

CURRENT EMPLOYEES

1. Contribution based upon percentage of premium (3% - 35%), employees salary, and coverage tier (family size). All contributions are pre-tax.

2. Premiums deductions will begin during the first year after contract expires(July 1, 2011 – June 30, 2012)

3. Contributions are phased in during a 4 year span

4. The minimum payment is 1.5% of base salary

5. This remains in effect until June 28, 2015, when health care can once again be negotiated

CURRENT AND FUTURE RETIRES

1. Current retirees are not affected by new law

2. Current employees with more than 20 years of service who retire after 25 years of service are not affected by new law

3. Employees with less than 20 years of service ARE affected by this law upon retirement

4. Employees who retire with less than 20 years of service will contribute based upon monthly pension allowance, but no less than 1.5% of that allowance

5. There is no phased in for retirees who contribute under this law.

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