3% at 50 retirement plan

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A "3% at 50" retirement plan allows employees to retire any time after they reach the age of fifty and annually receive a percentage of their highest salary. Under this plan that percentage is determined by the retirees years of employment, as it increases by 3% for every year of service. So the "3%" works as a multiplier. The salary percentage they receive after retirement is equal to 3 times the number of years they have worked. For example, 10 years of employment would result in a retirement salary percentage of 30% and 30 years of employment would result in a retirement salary percentage of 90%.