Rowan County receives notification regarding contribution-based benefit cap legislation that was effective January 1, 2015. This legislation also known as "pension spiking". This legislation applies to members who retire on or after January 1, 2015, with an average final compensation of $100,000 or higher.
The attached letter list the employees that have the potential of being effected by this rule. Also attached is the payment the County will be making for one of these members.
I will notify the Board of Commissioners when or if this list changes so that you are aware of potential future payments.
No action required.
|