Summary of Retirement Incentive Plan 12/21/2018 As of 3:00:00 PM Number of Acceptances
58
Average age of employee
59.67
Average service time of employee
26.37
Annual Pension benefit (prior to plan)
2,698,053
Annual Pension benefit (post plan)
3,123,796
Increase in annual benefit
425,743
Based on assumptions of plan
Information
Current year through FY2041
Savings: Value of Separation Payments (Will not be paid)
2,481,982
2,481,982
Rehire at entry level (5 years)
2,900,000
2,900,000
35,175
787,317
299,257
7,081,779
1,223,403
1,223,403
Longevity (Annual) Annual sick day payout Future separation pay difference Retiree Health Insurance Contribution
Not included
Cost: Contribution to Plan Value of excess payment of time (Versus old payout) Additional Time Purchased (Annual)
(4,644,368)
(4,644,368)
(156,302)
(156,302)
(56,887)
(1,080,859)
Annual Saving Estimates: FY2019 FY2020 FY2021 FY2022 FY2023 FY2024-2041
2,481,982 1,500,601 1,216,893 644,205 360,752 2,388,519 8,592,952