Chapter 23559, Laws of Florida of 1945, as amended, the Retirement
Plan, has two Divisions. Division A consists of those employees hired prior to October 1,
1981. Division B consists of those employees who were hired on or after October 1, 1981,
and Division A employees who elected Division B.
The following chart gives only a brief overview of the benefits of
each Division as of October 1, 2006, going forward and
does not encompass all of the benefits of each Division.
| BENEFIT DESCRIPTION |
DIV A |
DIV B |
| Vesting Time |
6 Years Minimum |
6 Years Minimum |
| Retirement Age |
55 Years Minimum |
62 Years Minimum |
| Employee Contributions |
7% of salary |
% set by Social Security, No
City contribution |
| Pension Calculations |
(call for current info) |
(call for current info) |
| Early Retirement |
May defer retirement to age
55 or take lump sum refund of contributions |
May defer retirement to age
62 if younger than 62, except that someone who is fifty-five or older and younger
than 62 has the option of an immediate monthly pension, reduced because of his or her age |
| Death Benefits |
Widow gets 75% plus children
under 18 get $100 per month |
Spouse gets 50% of City
Pension. Portion of Social Security as set by Social Security |
| Maximum Years Service |
30 years or 67.5 percent of
salary |
Per Social Security
Regulations |
| Cost of Living |
2.2% every January 1st |
City pension, 1.2% every January
1st; Social Security Cost of Living adjustment regulated by
the Social Security Administration |
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