The following topics are addressed on this page:
||Annual Retirement Amount Calculation|
|Applying for Retirement
||Scheduling a Pre-Retirement Session|
General Members: Age 60 or over and have at least 5 years of service; or
Age 50 years, or at such older age at which 25 years of credited service is acquired.
Police & Fire Members: Age 55 or over and have at least 5 years of service; or
Age 55 years and have at least 5 years of service, or the age at which 25 years of credited service is acquired, which ever occurs first.
Mandatory Retirement Age: None.
If you have any questions about eligibility, you should contact the Retirement Office.
General Members: Total service time X 2.5% of final average compensation (FAC).
Police & Fire Members: Total service time X 2.75% of final average compensation (FAC).
A member may elect to receive all or a portion of his accumulated contributions in a lump sum at retirement and receive a lesser benefit.
Final Average Compensation: Highest 3 consecutive years out of the last 10. Some lump sums included.
General Members: Age 50 with 20 years of service.
Police & Fire Members: Age 50 with 20 years of service.
The annual amount is computed as a regular retirement, but reduced by .33% for each month by which retirement precedes:
- General Members: Later of a) age 55, or b) the age the member would have had 25 years of service, but not later than age 60.
- Police & Fire Members: Earlier of a) age 55 or b) the age the member would have had 25 years of service.
All members: 5 years of service. Payable at age 60.
The annual amount is the same as regular retirement, but based upon service and final average compensation at termination. (A member may elect to receive all or a portion of his accumulated contributions at termination, if the member's age plus service total at least 50, and receive a lesser benefit at age 60).
A retirement application provided by the Retirement System must be completed and filed with the Retirement System a minimum of 30 days and no more than 90 days prior to the effective retirement date.
If you are eligible for a retirement benefit, your retirement may be effective 30 days, but not more than 90 days from the date of your retirement application.
Before a pre-retirement session is scheduled, you should request a retirement estimate. A pre-retirement session should be scheduled at least 60-90 days before retirement. An explanation of benefit options and other retirement issues will be discussed.
Schedule a "Final Retirement Session" with the retirement staff to complete the application process. You may bring your beneficiary and/or advisors to this session.
You contribute five percent (5%) of your total compensation to the Retirement System through payroll deductions. These are after-tax deductions. Voluntary contributions beyond the 5% are not allowed. The City does not match employee contributions.
There are a number of times throughout employment when a beneficiary selection should be made.
a. At the time of hire, you will nominate a "beneficiary" who may be eligible to receive the accumulated contributions in your retirement account in the event of your death prior to retirement.
b. If there is a divorce or death, you may want to change your beneficiary designation.
c. When you have 5 years of service and are "vested" in the Retirement System, there are additional benefits available to you and your beneficiary:
1. If you are married and die in service, your spouse would receive an automatic Option II Allowance.
2. You can designate someone other than your spouse to receive the Automatic Option II Benefit, if the person has an insurable interest in your life.
3. If you take a deferred retirement status, your beneficiary will not be eligible to receive death benefits before your effective retirement date.
Be sure your beneficiary information is up to date with the Retirement System! Call the Retirement Office at (734) 794-6710 to request a Beneficiary Election Form.