Benefit Tiers

Overview

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 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 in Tier 8 may be eligible for an annual 2% COLA.

Click here to learn more about the annual cost-of-living adjustment (COLA).