Pension Plans
The Pension Division provides administrative services for the respective pension boards and for employees and retirees in areas such as enrollment, beneficiary changes, benefit calculations, payment processing and retiree and survivor benefit counseling.
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
Retirement Plans
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.
- ERS - Summary Plan Description
- ERS Actuarial Valuation Report/ and Chapter 112.664 Reporting
- ERS Historical Performance and Asset Allocation
- ERS Board of Trustees Budget
- ERS Board of Trustees Report of Expenses
Fire Pension Fund - Eligible employees are enrolled on their date of hire or the date they become a Sworn Fire employee, whichever is later.
- Fire Pension Fund - Summary Plan Description
- Fire Pension Summary of Material Modification to the Summary Plan Description
- Fire Pension Fund Actuarial Valuation Report/ and Chapter 112.664 Reporting
- Fire Pension Fund Historical Performance and Asset Allocation
- Fire Pension Fund Board of Trustees Budget
- Fire Pension Board of Trustees Report of Expenses
Police Pension Fund - Eligible employees are enrolled on their date of hire or the date they become a Sworn Police employees, whichever is later.
- Police Pension Fund - Summary Plan Description
- Police Pension Summary of Material Modification to the Summary Plan Description
- Police Pension Fund Actuarial Valuation Report / Chapter 112.664 Reporting
- Police Pension Fund Historical Performance and Asset Allocation
- Police Pension Fund Board of Trustees Budget
- Police Pension Board of Trustees Report of Expenses
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. The City's 401(a) plan provider is ICMARC. Call 1-800-669-7400 or visit www.icmarc.org
All retirement plans except the 401(a) management plan have mandatory employee contributions.
Florida Statues Section 112.665(1)(e), require a link to the Dept. of Management Services.
457 DEFERRED COMPENSATION PROGRAM
All employees are eligible to participate in the Deferred Compensation 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. The city's 457 Deferred Compensation Plan provider is ICMARC. Call 1-800-669-7400 or visit www.icmarc.org
