Pension Information

Pension Information

Pension Information

Chapter 23559, Laws of Florida of 1945, as amended, the RetirementPlan, 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, 2011, going forward anddoes not encompass all of the benefits of each Division.

BENEFIT DESCRIPTION DIVISION A

Hired prior to October 1, 1981

DIVISION B

Hired on or after October 1, 1981.

Vesting Period 6 Years Minimum 6 Years Minimum
Normal Retirement Age 55 Years Minimum 62 Years Minimum
Employee Contributions 7% of salary pretax to Retirement Fund, no contribution to Social Security Percentage set by Social Security, no City contribution
Monthly Pension Calculations (call for current info) (call for current info)
Deferred Retirement Retirement at an age younger than 55 with 6 or more years of service and a monthly pension starting at age 55. Retirement at an age younger than 62 with 6 or more years of service and a monthly pension starting at age 62.
Cost of Living Adjustment (COLA) 2.2% every January 1st. 1.2% every January 1st.
Deferred Retirement Option Program (DROP) Benefits DROP accumulations for a maximum of 7 years provided requirements for longevity retirement have been met. DROP accumulation for a maximum of 7 years provided requirement for longevity retirement, or early retirement have been met.
Disability Retirement Retirement at an age younger than 55; participant's monthly pension checks start immediately regardless of his/her age; has be to be based on a total and permanent disablement. Retirement at an age younger than 62; participant's monthly pension checks start immediately regardless of his/her age; has to be based on a total and permanent disablement.
Death Benefits Spouse receives 75% (50% if remarries), plus children under 18 receive $100 per month. Spouse receives 50% per month; no decrease for remarriage; contact Social Security Office for benefit information.

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