FAQ

1. What are the eligibility requirements for retirement with the City?

General Members: Age 60 or over and have at least 5 years of service (or 10 years depending on the date of hire); 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 10 years depending on the date of hire); or

Age 55 years and have at least 5 years of service (or 10 years depending on the date of hire), 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.

2.  What does vesting mean?

An employee is vested once they have participated in either of the Plans for 5 years (or 10 years depending on the date of hire). Vesting means that they have earned the right to the retirement benefits. If you leave city employment after 5 years of service (or 10 years depending on the date of hire), you can leave your contributions in the plan and collect a monthly pension at age 60. Alternatively, you can request a refund of your contributions and not be entitled to any additional benefits under the Plan.  For members of the Dual Retirement Plan, The City contributions are vested after 5 years.

3. How is the benefit annual amount calculated?

General Members: If hired before January 1st, 2017, Total service time X 2.5% of final average compensation (FAC).

If hired on or after January 1st, 2017, total service time X 1.25% X 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 (or 5 years depending on the date of hire) out of the last 10 (some lump sum payouts of accrued banks included).

4. What is the eligibility requirement for Early Retirement?
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: Earlier of a) age 60, 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.

6.  How do I start the retirement process?

When your retirement date is approaching, The Retirement Office can make sure your benefits will be ready for you.

Step 1: Request an updated estimate of your monthly benefit from the Retirement Office.

This can be done up to six months prior to your anticipated retirement date.  You may submit an estimate request by calling the Retirement Office or by submitting the completed Estimate Request Form.  You may email your completed Estimate Request form to the Pension Analyst.

Step 2: Schedule a Pre-Retirement Session.

A pre-retirement session should be scheduled at least 60-90 days before your anticipated retirement.  An explanation of benefit options and other retirement issues will be discussed.

Step 3: Schedule a Final Retirement Session.

A final session should be scheduled with the Retirement Office at a minimum of 30 days and no more than 90 days prior to your effective retirement date.  You will be completing the retirement application process at this time.  You may bring your beneficiary and/or advisors to this session.

If hired before January 1st, 2017, you contribute six percent (6%) of your total compensation to the

Retirement System through payroll deductions. If hired on or after January 1st, 2017, you contribute six percent (6%) with three percent (3%) contributed to the 401a and three percent (3%) contributed to the Retirement System.  These are pre-tax deductions.  The City does not match employee contributions to the Retirement System. Voluntary contributions beyond the 6%/3% to the Retirement System are not allowed.

The City shall contribute an amount equal to 5.2% of each Dual Retirement Plan General Member’s and 6.88% for Deputy and Assistant Chiefs compensation for the plan year to the 401a Plan.

8. How do I elect a beneficiary?
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 (or 10 years depending on the date of hire) and are "vested" in the Retirement System, there are additional benefits available to you and your beneficiary: