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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