The A&R Representative Assembly voted to accept the tentative agreement which would enhance the pension plan for Tier 2/2A/3. Final ratification of the tentative agreement could come at SEBAC’s January meeting. A majority vote of SEBAC Unions present and in good standing will be required to ratify the agreement.
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%. These changes will apply