LEOPS is a defined benefit plan, like the MSPS. LEOPS is similar to MSPS in most respects (vesting, creditable/eligibility service, sick leave credit, etc.), but the following features are different:
The employee’s contribution is 6% beginning 7/1/2011 and will change to 7% beginning 7/1/2012.
Full retirement benefits are available at either age 50 or upon reaching 25 years of eligibility service. There is no early retirement benefit.
The benefit formula is different for LEOPS than MSPS.