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Directory
home 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. |
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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: your Average Monthly Salary, your years of Credited Service and the Benefit Accrual Rate. Normal Retirement Benefit = Tiered Benefit Levels Depending on when you were hired and contributions you have made into the Plan, your service credits may earn either Tier 1 or Tier 2 benefits. Depending on circumstances when you retire, you may receive a "bifurcated" benefit based in part on Tier 1 benefits and in part on Tier 2 benefits. Tier 1: If you were hired prior to June 8, 2011 or after December 17, 2020 your Credited Service earns Tier 1 benefits. If you were hired between June 8, 2011 and December 17, 2020, AND you elected to upgrade your service credits AND have fully contributed the difference as described in the "Contributions" section above, your Credited Service earns Tier 1 benefits. Tier 1 benefits are calculated as follows: Average Monthly Salary: is the monthly average of your Covered Salary for the highest 78 completed biweekly pay periods (times 1.0048) during your employment with the Employer. ("3 years' pay") "Covered Salary" is defined in the Contributions section, above. Benefit Accrual Rate: 3% (for active members as of October 1, 2021) For example, an employee hired on December 17, 2006 who retires on December 17, 2026 at age 55 with 20 years of Credited Service and an Average Monthly Salary of $4,000 is entitled to a Tier 1 monthly benefit of $2,400, calculated as follows: Normal Retirement Benefit = Tier 2: If you were hired between June 8, 2011 and December 17, 2020, and you did not elect to upgrade your service credits or have not fully contributed the difference as described in the "Contributions" section above, your Credited Service up to December 17, 2020 earns Tier 2 benefits. Average Monthly Salary is the monthly average of your Covered Salary for the highest 130 completed biweekly pay periods (times 1.0048) during your employment with the Employer. ("5 years' pay") Benefit Accrual Rate: 2% Note: Credited Service after December 17, 2020 earns Tier 1 benefits. For example, an employee hired on December 17, 2016 retires on December 17, 2036 at age 55 with 20 years of Credited Service. The employee did not elect to upgrade from Credited Service from Tier 2. The employee's Average Monthly Salary for the highest 78 pay periods is $4,000, and the Average Monthly Salary of the highest 130 pay periods is $3,800. The employee is entitled to a Tier 2 monthly benefit for the first 4 years of Credited Service (December 17, 2016 to December 17, 2020) plus Tier 1 benefits for the last 16 years of Credit Service (after December 17, 2020) calculated as follows: Tier 2 Retirement Benefit = Tier 1 Retirement Benefit = Normal Retirement Benefit = $304 (Tier 2) + $1,920 (Tier 1) = $2,224 Regardless of which tiered benefit you receive, you may not earn more in pension benefits during retirement than you did while working for your employer. The Internal Revenue Code also limits the amount payable from a defined benefit plan. Your maximum retirement benefit is 100% of your Average Monthly Salary or $90,000 per year (adjusted for inflation), whichever is less. The inflation-adjusted limit for 2022 is $245,000. Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security. The Normal Retirement Benefit is paid to you for your life in accordance with the Normal Form of Benefit Payment (See the section on Forms of Benefit Payments, below). Delayed Retirement Benefit If you continue to work past your Normal Retirement Age you are eligible for a 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. You may continue to earn service credits past your Normal Retirement Date. The Plan imposes no maximum age or limit on service credits earned. Early Retirement Benefit If you have 20 years of Credited Service but have not yet reached age 55, you are eligible for early retirement. If you retire early, you may elect to receive your Early Retirement Benefit either on a deferred basis or immediately.
The Early Retirement Benefit is paid to you for your life in accordance with the Normal Form of Benefit Payment as described later (see the sections on Death Benefits After Retirement and Forms of Benefit Payments). Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security. |
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