Benefit Tiers
VCERA provides the following retirement benefit tiers to its members. The corresponding benefit formulas refer to how a member’s monthly benefit is calculated. For example, the Safety Tier 1 benefit formula (“2% at age 50”) could be described as follows: “A member who retired at age 50 would receive 2% of his/her final compensation for every year of service credit accrued.” Each benefit formula below could be described in the same way.
Safety Tier 1
The “2% at age 50” formula applies to “Legacy” Safety members hired by a VCERA employer or reciprocal public agency prior to 2013.
All retirees in this tier are eligible for an annual COLA, up to 3%.
Safety Tier 7 (PEPRA)
The “2.7% at age 57” formula applies to Safety members hired on or after January 1, 2013 who are not eligible for reciprocity by virtue of employment with a reciprocal employer prior to 2013. (This tier is subject to the provisions of PEPRA.)
All retirees in this tier are eligible for an annual COLA, up to 3%.
General Tier 1
The “2.35% at age 62” formula applies to “Legacy” General members hired prior to June 30, 1979, and to designated County executives pursuant to the Management Resolution.
All retirees in this tier are eligible for an annual COLA, up to 3%.
General Tier 2
The “2.1% at age 62” formula applies to “Legacy” General members hired by a VCERA employer or reciprocal public agency between June 30, 1979 and December 31, 2012.
SEIU-represented members (County only) and CNA-represented members in this tier may be eligible for an annual 2% COLA.
General Tiers 5, 6 & 8 (PEPRA)
The “2% at age 62” formula applies to General members hired on or after January 1, 2013 who are not eligible for reciprocity by virtue of employment with a reciprocal employer prior to 2013. (This tier is subject to the provisions of PEPRA.)
SEIU-represented members (County only) and CNA-represented members in Tier 8 may be eligible for an annual 2% COLA.