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Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public-records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.

Normal Retirement Benefit

If you retire on your Normal Retirement Date, the monthly benefit that you will receive is your Normal Retirement Benefit. The amount of your Normal Retirement Benefit is based on the following factors:

1. Your Covered Salary - This is the amount of your compensation including base pay and regular longevity wages, but excluding overtime, bonuses and any other non-regular payments.  Covered Salary will be limited to $200,000 (as adjusted periodically for cost-of-living) in any one year.  The adjusted pay limit for 2008 is $230,000.
2. Your Average Monthly Salary - This is the monthly average of your Covered Salary for the highest 78 completed bi-weekly pay periods (times 1.0048) during your employment with the Employer.
3. Your years of Credited Service at your Normal Retirement Date.
4. 2.75% benefit accrual rate.
   The calculation of your Normal Retirement Benefit is as follows:
   2.75% of your Average Monthly Salary multiplied by your years of Credited Service.
   Example: your Average Monthly Salary at Normal Retirement
   
   Date is $2,500 and your Credited Service is 20 years.  The calculation is:

    2.75%   x  $2,500  x  20 years  =  $1,375

   Your Normal Retirement Benefit payable each month would be $1,375.

   The Normal Retirement Benefit is paid to you for your life in accordance with the Normal Form of Benefit Payment as described later (however, see the sections on Death Benefits After Retirement and Election of Optional Forms of Benefit Payments). Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security.

Accrued Benefit

The portion of your Normal Retirement Benefit that you have earned at any point in time prior to your Normal Retirement Date is your Accrued Benefit.  Your Accrued Benefit is computed in the same way as the Normal Retirement Benefit, except you use your present Average Monthly Salary and Credited Service in the preceding calculation.  If you are vested at your date of termination, you would be eligible to receive your Accrued Benefit as a monthly amount starting on your Normal Retirement Date.  Vesting provisions are described later in this document.

Early Retirement Benefit

If you retire early, you may elect to receive your Early Retirement Benefit either on a deferred basis or immediately.

1. A deferred Early Retirement Benefit means the benefit begins on your Normal Retirement Date and is paid to you for your life.  The benefit is equal to your Accrued Benefit on the date you terminated your employment.
2. An immediate Early Retirement Benefit is a benefit that begins on your Early Retirement Date and is paid to you for your life.  The benefit is equal to your Accrued Benefit on the date you retire, but reduced for the number of months by which the starting date of the benefit precedes your Normal Retirement Date.  The benefit is reduced to take into account the fact that you will begin to receive the benefit sooner and are expected to receive payments for a longer period of time.  The following table shows how much your reduced benefit will be if payments begin before your Normal Retirement Date:

The Early Retirement Benefit is paid to you for your life in accordance with the Normal Form of Benefit Payment as described later (however, see the sections on Death Benefits After Retirement and Election of Optional Forms of Benefit Payments). Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security.

Delayed Retirement Benefit

            The amount of your monthly Delayed Retirement Benefit is calculated and paid in the same way as the Normal Retirement Benefit.  However, your Average Monthly Salary and Credited Service as of your actual retirement date are used in the calculation.

Cost of Living Adjustments

            Your monthly benefit will be eligible for cost of living adjustments beginning at the first anniversary of your retirement, payable on the following October 1.  This is described in more detail in the Cost of Living Adjustment section later in this document.

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