In Reply to: Re: Memo from David heath to all C Plan emloyess. posted by George on 27 January 2005 at 09:42:32:
George,
The 1997 law instituted a floor for increases resulting from post April 1997 service. There is no ceiling on increases a scheme can provide.
The floor was set then at LPI with max 5%. That is a component of what employees are earning from final salary service today. (Non-contributory schemes as well as contributory ones)
You probably meant to type "2004 law" rather than "1994 law".
The 2004 act does not obsolete the 1997 law, but changes the 5% figure to 2.5%.
(Not with trustee hat on)