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4/25/2012: Palm Beach Lowers Employee Retirement Benefits (Palm Beach Daily News)
"Each employee's pension payments are computed based on his or her final pay, length of employment and a multiplier that sets the benefit level. The town was able to drive down its costs largely by lowering the multiplier, freezing employee pay for three years and reducing average pay increases going forward. Overtime and special duty pay will no longer be counted when calculating final average pay. Automatic survivor benefits and cost-of-living increases have been eliminated. Public safety employees, who have been able to draw their pensions upon retirement (after as few as 20 years of employment) will have to wait until age 65 to collect them."
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