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
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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