b'City of Dover Tuscarawas County, Ohio Notes to the Basic Financial Statements For the Year Ended December 31, 2019 Group A Group B Group CEligible to retire prior to 20 years of service credit prior to Members not in other GroupsJanuary 7, 2013 or five years January 7, 2013 or eligible to retire and members hired on or afterafter January 7, 2013 ten years after January 7, 2013 January 7, 2013State and Local State and Local State and LocalAge and Service Requirements: Age and Service Requirements: Age and Service Requirements:Age 60 with 60 months of service credit Age 60 with 60 months of service credit Age 57 with 25 years of service creditor Age 55 with 25 years of service credit or Age 55 with 25 years of service credit or Age 62 with 5 years of service creditTraditional Plan Formula: Traditional Plan Formula: Traditional Plan Formula:2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years ofservice for the first 30 years and 2.5% service for the first 30 years and 2.5% service for the first 35 years and 2.5%for service years in excess of 30 for service years in excess of 30 for service years in excess of 35Combined Plan Formula: Combined Plan Formula: Combined Plan Formula:1% of FAS multiplied by years of 1% of FAS multiplied by years of 1% of FAS multiplied by years ofservice for the first 30 years and 1.25% service for the first 30 years and 1.25% service for the first 35 years and 1.25%for service years in excess of 30 for service years in excess of 30 for service years in excess of 35 FAS represents the average of the three highest years of earnings over a members career for Groups A and B.Group C is based on the average of the five highest years of earnings over a members career.Members who retire before meeting the age and years of service credit requirement for unreduced benefits receive a percentage reduction in the benefit amount. When a traditional plan benefit recipient has received benefits for 12 months, current law provides for a COLA.ThisCOLAiscalculatedonthebaseretirementbenefitatthedateofretirementandisnot compounded. Members retiring under the combined plan receive a COLA on the defined benefit portion of their pension benefit.For those retiring prior to January 7, 2013, current law provides for a 3 percent COLA. For those retiring subsequent to January 7, 2013, beginning in calendar year 2019, current law provides that theCOLAwillbebasedontheaveragepercentageincreaseintheConsumerPriceIndex,cappedat3 percent.Defined contribution plan benefits are established in the plan documents, which may be amended by the Board.Member-directedplanandcombinedplanmemberswhohavemettheretirementeligibility requirements may apply for retirement benefits. The amount available for defined contribution benefits in the combined plan consists of the members contributions plus or minus the investment gains or losses resulting from the members investment selections.Combined plan members wishing to receive benefits must meet the requirements for both the defined benefit and defined contribution plans. Member-directed participants musthaveattainedtheageof55,havemoneyondepositinthedefinedcontributionplanandhave terminated public service to apply for retirement benefits.The amount available for defined contribution benefits in the member-directed plan consists of the members contributions, vested employer contributions and investment gains or losses resulting from the members investment selections.Employer contributions andassociatedinvestmentearningsvestoverafive-yearperiod,atarateof20percenteachyear.At retirement, members may select one of several distribution options for payment of the vested balance in their individualOPERSaccounts.Optionsincludetheannuitizationofthebenefit(whichincludesjointand survivoroptions),partiallump-sumpayments(subjecttolimitations),arolloverofthevestedaccount balancetoanotherfinancialinstitution,receiptofentireaccountbalance,netoftaxeswithheld,ora combination of these options. - 58 58 -'