Current employees will not be impacted, officials said. Uniformed city employees, including police officers and firefighters, fall under a separate pension fund.

The approved changes create a second-tier for new employees, which raises the normal retirement age from 55 to 60 and the early retirement age from 40 to 45. It also reduced the "benefit multiplier," the formula used to determine monthly benefits based on years of services and maximum salary, from 2.5 percent to 2.25 percent.

The second tier also changes the vesting period from 10 to seven years but increases the vesting age from 55 to 60.

Current employees will also have the option to retire under the new vesting period, a formula that considers years of service and employee age to determine eligibility and benefits.

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