Vermont Weather (2851 replies) Latest news from Albany, VT collected exclusively by city-data.com from local newspapers, TV, and radio stations. Ancestries: English (35.7%), French (19.0%), German (11.0%), French Canadian (7.1%), Italian (7.1%), Scottish (7.1%). Current Local Time: EST time zone. Incorporated in 1915.
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Your pension is based on the numbers of years of service at a multiplier of 3.2% per year. There is currently no maximum cap on the percentage you can earn. [Years of Service] X [Multiplier (3.2%)] = Percentage of Base Salary. An officer who works 23 years will make 73.6% of their base salary (23 x 3.2% = 73.6%). An officer who works 25 years will make 80% of their base salary (25 x 3.2% = 80%). An officer who works 30 years will make 96% of their base salary (30 x 3.2% = 96%). Military personnel are eligible to purchase an additional 2 years into the retirement system. This purchase does not count towards the required 23 service years you must do but will get added to your multiplier for pension purposes. For example, an officer who works 23 years and purchases 2 years of military time: 23 service years + 2 military years = 25 pension years. 25 x 3.2% = 80% of their base salary.