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Early Retirement Concept: <br />(Age 62 + 25 years of service) <br />How the concept saves the City money: <br />(Assumes 3% increase in salary) <br />Qualifying <br />Employee <br />Year <br />1 <br />$ <br />56,400 <br />Year <br />2 <br />$ <br />58,100 <br />Year <br />3 <br />$ <br />59,800 <br />$174,300 <br />Initial Savings = $ 19,800 <br />Insurance Costs = 7,050 <br />Net Savings $ 12,750 <br />New <br />Employee <br />$ 50,000 90% of Present Salary <br />$ 51,500 <br />$ 53,000 <br />$154,500 <br />(3 years of Single Coverage) <br />27 <br />