What is the retirement allowance based on? How is it calculated?

Because the Greenfield Retirement Plan is a defined benefit plan, your benefits are determined by a formula and are not affected by the amount of money in your annuity account at the time of retirement. The factors used to determine your benefit are: your age at the time of retirement, your amount of creditable service, your group classification, and an average of your three highest years of regular compensation.

Appears in: Retirement Board FAQs

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