How can my Board calculate the costs of providing the enhanced pension benefits?
According to the Division of Pension and Benefits, actual costs of funding the additional three-year service credit and the enhanced veterans benefits will need to be calculated by the pension systems actuaries. The Division has stated that it will provide a list of eligible employees by category as of the last possible effective date. That list can be used to do a preliminary analysis of potential costs (and savings). The division has stated that, if you decide to consider the ERIP, it will give you a cost estimate according to the effective date you indicate. For more detail see EARLY RETIREMENT INCENTIVE FOR LOCAL EMPLOYEES on the Division of Pensions and Benefits website.
