Posted by Steve Pick on 05 October 2000 at 09:07:38:
In Reply to: The 'N' Plan? posted by Deborah Turner on 03 October 2000 at 22:01:28:
Pete is correct here. The C plan was introduced, probably in '84, as a Contributry alternative to the Non-contributry N plan. Exisiting N plan members could convert at the time with, if memory serves, full C-Plan credit for years as N-plan members. The contributry rate was to be 4 percent but this was staged over a couple of years.
C and N plan benefits differ but most noticable was the earlier retirement age of 63, versus 65, and I think less penalty for retiring before that age.
The N plan is still there, and has at least one member who in 1984 was too young to worry about pensions!