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City of Omaha - Nebraska

City of Omaha Human ResourcesOmaha, Nebraska

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All full-time non-sworn employees are required to participate in the City of Omaha Employees Retirement System (COERS) as a condition of employment. [Sworn employees participate in the City of Omaha Police & Fire Retirement System (COPFRS) which has different rules.]

Below are the eligibility rules to retire for employees hired before 03/01/2015:

Employees who are eligible to retire in less than 5 years as of 03/01/2015:

  1. Age 50 if the Rule of 80 is met. The Rule of 80 is the combination of the employee’s age and years of pension service credit.
  2. Age 55 to 59 with 5 years of pension service credit. If the Rule of 80 is not met, the pension is reduced 8% for each year that the employee is under age 60.
  3. Age 60 with 5 years of pension service credit. There is no reduction if the Rule of 80 is not met.

 

Employees who are eligible to retire in 5 but less than 10 years as of 03/01/2015:

  1. Age 55 if the Rule of 85 is met. The Rule of 85 is the combination of the employee’s age and years of pension service credit.
  2. Age 57 to 61 with 5 years of pension service credit. If the Rule of 85 is not met, the pension is reduced 8% for each year that the employee is under age 62.
  3. Age 62 with 5 years of pension service credit. There is no reduction if the Rule of 85 is not met.

 

Employees who are eligible to retire in 10 or more years as of 03/01/2015:

  1. Age 55 if the Rule of 85 is met. The Rule of 85 is the combination of the employee’s age and years of pension service credit.
  2. Age 60 to 64 with 5 years of pension service credit. If the Rule of 85 is not met, the pension is reduced 8% for each year that the employee is under age 65.
  3. Age 65 with 5 years of pension service credit. There is no reduction if the Rule of 85 is not met.

 

The current pension calculation is as follows:

The Final Average Compensation (FAC) for those employees who are eligible to retire shall have the better of:

  1. The highest 26 consecutive pay periods in the final 130 pay periods as of 02/28/2015 or
  2. At the time of retirement, the highest 78 consecutive pay period in the final 130 pay periods divided by 3 for those eligible to retire in less than 5 years as of 03/01/2015 or
  3. At the time of retirement, the final 130 pay periods divided by 5.

Percentage of FAC:

  1. 2.25% multiplied by the years of pension service credit before 03/01/2015 added to
  2. 1.9% multiplied by the years of pension service credit on and after 03/01/2015.

Calculation Formula:

FAC x ((YOS before 03/01/2015 x 2.25%) + (YOS on and after 03/01/2015 x 1.9%))

If you need a more complete pension estimate based on your employee records, please contact the Human Resources Department at (402) 444-5321. Until the person retires and the final figures are captured, the calculation is never exact.

 

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