Audit Report 13-02, General Employee Pension Benefits, Released

The Internal Audit Department released their audit report of the General Employee Pension Benefits.

The City of Tampa provides general employees with one of two pension plans. Personnel employed before October 1, 1981 participate in Plan A, personnel employed after that date are in Plan B. Plan A requires contributions by employees, who are eligible for retirement at age 55 if vested. Plan B does not require employee contributions, but benefits are lower and the normal retirement age is 62 if vested. There are other benefits available in both plans. Standard benefits include disability retirements monthly survivor benefits. Optional benefits include deferred retirement, early retirement, and the Deferred Retirement Option Program (DROP) .

Another benefit is for survivors of vested Plan B employees who die while employed by the City. They are entitled to a lump sum death benefit from the pension fund equal to his or her annual salary at the time of death. This only occurs a few times each year. In 2012, a death benefit to the spouse of a deceased active employee had been paid out five times, resulting in an overpayment of $197,000. This situation brought into question the controls that exist over benefit payments.
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