Among the changes, according to the Star-Telegram:
- Increasing the minimum retirement age from 50 to 55;
- Removing overtime and nonbase pay and putting it into a cash account, like a 401(k)-type account;
- Reducing the multiplier from 3% to 2.5%;
- Removing subsidized joint and survivor benefit; and
- Changing the compensation base for retirement calculation from a high three-year average to a high five-year average.
The news report said the changes affect only new general-fund employees hired on or after July 1. The new policy has no effect on current employees or retirees. Police and firefighters work under negotiated contracts, which expire in 2012 and 2013.The council has asked City Manager Tom Higgins to work with the Fort Worth Employee Retirement Fund board to create a new cost-of-living adjustment option. General employees will have the choice to select the new adjustment or keep their old one.
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