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State Correction Officers and Security Hospital Treatment Assistants Plan

For ERS Tier 3, 5 and 6 Members (Article 14-CO)

Overview

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Your pension is based on your years of credited service, your age at retirement and your final average salary (FAS). For Tier 3 and 5 members, FAS is the average of the wages you earned during any three consecutive years of correction service or security hospital service when your earnings were highest. For Tier 6 members, it is the average of your highest five consecutive years of correction service or security hospital service. This is usually your years of employment immediately before retirement.

The calculation of your FAS can include, but is not limited to, the following types of payments. In some cases, certain restrictions may apply.

  • Regular salary;
  • Overtime earned in the FAS period;*
  • Holiday pay;
  • Noncompensatory overtime earned in the FAS period;*
  • Longevity payment (maximum of one per FAS year), if earned in the years used in the FAS; and
  • For Tier 3 and 5 members, up to 30 days vacation, if the FAS is based on the 36 months immediately preceding retirement.

The following types of payments are not considered regular compensation and, in most cases, will not be included in your FAS:

  • Unused sick leave;
  • Payments made as a result of working your vacation;
  • Any form of termination pay;
  • Payments made in anticipation of retirement;
  • Lump sum payments for deferred compensation; and
  • Any payments made for time not worked.

*For Tier 5 members, the total amount of overtime and noncompensatory overtime is limited to $16,882 for calendar year 2014. Thereafter, the maximum reportable overtime payment increases by 3 percent each calendar year. For Tier 6 members, the overtime cap for the fiscal year April 1, 2014 through March 31, 2015, is $15,490. This cap increases each fiscal year and is based on the Consumer Price Index on December 31 of the previous year.