The Pension Division administers the following programs:
Employees Retirement System and DROP (General Employees)
Fire Pension Fund and DROP (Sworn Fire Employees)
Police Pension Fund and DROP (Sworn Police Employees)
401(a) Plan
457 Deferred Compensation Plan
The Pension Division staff provides administrative services for the respective pension boards and for employees and retirees in such areas as enrollment, beneficiary changes, benefit calculations, payment processing and retiree and survivor benefit counseling.
Our 457 Deferred Compensation Plan provider is ICMA. Call or visit their website below.
ICMA - 1 - (800) 669-7400
www.icmarc.org
RETIREMENT PLANS
Enrollment and participation in the retirement plan will begin following 90 days of full-time employment for all regular full-time and management employees. Eligibility for enrollment for temporary full-time hired employees is six months.
Employees Retirement System (ERS) - Regular full-time employees are enrolled in ERS following 90 days of full-time employment. Temporary full-time employees are enrolled after six months of continuous employment.
Fire Pension Fund - Eligible employees are enrolled on their date of hire or the date they become a Sworn Fire employee, whichever is later.
Police Pension Fund - Eligible employees are enrolled on their date of hire or the date they become a Sworn Police employees, whichever is later.
401(a) Plan - Eligible employees may elect to participate in the 401(a) Plan in lieu of participating in ERS. The City contributes to an account for each member; the member directs the investment of the account from a variety of options.
All retirement plans except the 401(a) management plan have mandatory employee contributions. Click on the plan link(s) above for further information.
The Provisions of Section 112.665(1)(e), Florida Statues, require that all Florida local government units that sponsor a defined benefit retirement plan(s) and maintain a website must provide a link to the Department of Management Services' website at the following URL below http://www.dms.myflorida.com/human_resource_support/retirement/local_retirement_plans/local_retirement_section/actuarial_summary_fact_sheets
457 DEFERRED COMPENSATION PLAN
All employees are eligible to participate in the plan at any time while employed. The plan allows employees to "defer" or postpone receiving part of their pay until retirement. Deferred pay is invested at the employee's direction in any of the options available within the Plan.