Cape Charles Town Council approved a supplement retirement plan for individuals that have at least 20 years of hazardous duty service credits. According to staff, this benefit is to fill the income gap until normal social security retirement age is reached. Only hazardous duty plan employees (police) are eligible for this benefit. The approved resolution is not revocable.
Staff noted that the benefits make the Town more competitive when hiring new staff and retaining seasoned staff.
The Town opted for the 1.85% multiplier which will increase retirement costs to the Town for the first year to $25,884(estimated).