City of Greensboro Personnel Policy Manual

City of Greensboro Personnel Policy Manuał

of the amount of creditable service. 4.3 Early Retirement – A member may retire early with a reduced retirement benefit after: • Reaching age 60 (age 55 for firefighters and rescue squad workers) with at least five years of creditable service • Reaching age 50 with at least 20 years of creditable service. Although a member may retire early, the retirement benefits will be paid over a longer period of time and are, therefore, reduced. The amount of the reduction depends on the member’s age and service when payments start. 4.4 Service Retirement – A member becomes vested in NCLGERS after completing a minimum of five years of membership service. This means that the member will be eligible to apply for lifetime monthly retirement benefits based on age, service requirements and the formula described in the NCLGERS manual, as long as the member does not withdraw the member’s contributions. A. Service Retirement (Unreduced Benefits) for General Employees - A member may retire with an unreduced service retirement benefit after: • Reaching age 65 with at least five years of creditable service • Reaching age 60 with 25 or more years of creditable service • Completing 30 years of creditable service, regardless of age B. Service Retirement (Unreduced Benefits) for Law Enforcement Officers - A member may retire with an unreduced service retirement benefit after: • A law enforcement officer qualifies for an unreduced benefit after reaching age 55 with at least five years of creditable service as a law enforcement officer. • A law enforcement officer also qualifies for an unreduced benefit after completing 30 years of creditable service as a law enforcement officer, regardless of age. 4.5 Early Retirement (Reduced Benefits) for General Employees – A member may retire early with a reduced retirement benefit after: • Reaching age 60 (age 55 for firefighters and rescue squad workers) with at least five years of creditable service • Reaching age 50 with at least 20 years of creditable service 4.6 Vesting – A member becomes vested in NCLGERS after completing a minimum of five years of membership service. This means that the member will be eligible to apply for lifetime

Table of Contents A B C D E F H I J K L List of Appendices G

B - General Employment Policies

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