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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
27
PLAN 1
PLAN 2
HYBRID RETIREMENT PLAN
Service Retirement Multiplier
VRS: The retirement multiplier is a factor
used in the formula to determine a final
retirement benefit. The retirement
multiplier for non-hazardous duty
members is 1.70%.
Sheriffs and regional jail
superintendents: The retirement
multiplier for sheriffs and regional jail
superintendents is 1.85%.
Political subdivision hazardous duty
employees: The retirement multiplier of
eligible political subdivision hazardous
duty employees other than sheriffs and
regional jail superintendents is 1.70% or
1.85% as elected by the employer.
Service Retirement Multiplier
VRS: Same as Plan 1 for service earned,
purchased or granted prior to January 1,
2013. For non-hazardous duty members
the retirement multiplier is 1.65% for
service credit earned, purchased or
granted on or after January 1, 2013.
Sheriffs and regional jail
superintendents: Same as Plan 1.
Political subdivision hazardous duty
employees: Same as Plan 1.
Service Retirement Multiplier
Defined Benefit Component:
VRS: The retirement multiplier for the
defined benefit component is 1.00%.
For members who opted into the Hybrid
Retirement Plan from Plan 1 or Plan 2, the
applicable multipliers for those plans will
be used to calculate the retirement
benefit for service credited in those plans.
Sheriffs and regional jail
superintendents: Not applicable.
Political subdivision hazardous duty
employees: Not applicable.
Defined Contribution Component:
Not applicable.
Normal Retirement Age
VRS: Age 65.
Normal Retirement Age
VRS: Normal Social Security retirement
age.
Normal Retirement Age
Defined Benefit Component:
VRS: Same as Plan 2.
Political subdivision hazardous duty
employees: Age 60.
Political subdivision hazardous duty
employees: Same as Plan 1.
Political subdivision hazardous duty
employees: Not applicable.
Defined Contribution Component:
Members are eligible to receive
distributions upon leaving employment,
subject to restrictions.
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