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Pension Breakpoint Changes Accepted

Council 4 State Bargaining Unit leaders meet to discuss and vote on the pension breakpoint.

Leaders of Council 4's state bargaining units voted Jan. 13, 2014 to accept the tentative agreement with the State on the pension breakpoint calculation for employees in Tiers 2/2A/3.

The State Employee Bargaining Agent Coalition (SEBAC) announced final ratification of the agreement on Jan. 17, 2014.

The pension changes would increase the ‘below breakpoint multiplier’ from 1.333% per year of service to 1.4% per year of service. The ‘above breakpoint multiplier’ will remain at 1.833% and the ‘above 35 years of service’ multiplier will remain at 1.625%.

This change benefits state employees at all income levels. (Scroll down to additional resources for a copy of the signed agreement and a fact sheet with examples.)

The breakpoint effect will be retroactive to all retirements occurring on or after July 1, 2013.

Local 318 President Robert Augusta (NP-3 Clerical) and Local 2663 President Paul Lavallee (P-2 Human & Social Services) represented Council 4 members on the pension breakpoint negotiating committee. Thanks to Bob and Paul for their hard work.

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