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As of 2008, CCCERA administers 8 different benefit tiers. All tiers use the above formula, however. Highest Average Monthly Salary is computed using the highest 36 consecutive months of salary for Tier 2 and Safety Tier C members; the highest 12 consecutive months of salary are used for the remaining 6 tiers.
This series gross up earlier years wages so that all years earnings up to age 60 are put on equal footing. Because it takes more than one year to fully collect such data, and because some people have January birthdays, the age 62 calculation done in 2006 must be based on the most recent data which is the 2004 national average wage.
The retirement benefits "are calculated using a member's years of service credit, age at retirement, and final compensation (average salary for a defined period of employment)," and the retirement formulas "are determined by the member's employer (State, school, or local public agency); occupation (miscellaneous (general office and others ...
California’s payroll system, ... whose contract cost an estimated $1 billion and gives them an enhanced retirement benefit. ... Woman's Day. 34 unique things to do on New Year's Eve to ring in ...
Start by evaluating spending habits and ensuring that disposable cash expenses, like going out to eat, taking vacations, or even those necessary spa days, are not costing more than necessary.
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