Directory

home
mission statement
board of trustees
administration
history of the plan
chairman's message
informational reports
plan news
our location
plan provisions
plan documents
meeting agendas
meeting schedule
benefit calculator
forms
links
search site
contact us
 

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.

The Plan will increase your monthly benefits annually to account for increasing costs of living. The amount of the increase and the starting date of cost-of-living adjustments depends of the tiered benefit you are receiving, your age and when you retire. If you are receiving a “bifurcated” benefit, your cost-of-living adjustments will be applied to your Tier 1 and Tier 2 benefits separately. (See Retirement Benefits section above for description of Tiered Benefits.)

Tier 1: For retirements on or after October 1, 2021, Tier 1 monthly benefits are eligible to receive a fixed 3% COLA beginning on the first anniversary of your retirement, payable beginning on the following October 1, and each October 1st thereafter.

Tier 1 Example:

Normal Retirement Date = March 1, 2027
First anniversary of retirement = March 1, 2028
First COLA is payable October 1, 2028

For retirements that were effective before October 1, 2021, Tier 1 monthly benefits are eligible to receive a fixed 2% COLA beginning on the first anniversary of your retirement, payable beginning on the following October 1, and each October 1st thereafter.

Tier 2: All Tier 2 monthly benefits are eligible to receive a graduated COLA beginning on the fifth anniversary of your retirement, payable beginning on the following October 1. The amount of the COLA is based on your age as of the anniversary of your retirement:

Tier 2 Example:

Normal Retirement Date = March 1, 2031 at age 55
Fifth anniversary of retirement = March 1, 2036 (age 60)

First COLA of 1% is payable October 1, 2036. Subsequent annual COLAs of 1% are payable each October from 2037 through 2040. Annual COLAs of 2% are payable beginning October 1, 2041 (age 65).

Variable COLAs

Regardless of the tiered benefit you receive, your age or when you retire, a variable COLA equal to up to one percent (1%) may be granted -- if the Plan is sufficiently funded (as certified by the Plan's actuary).

For all Retirees, in the event the Plan is not sufficiently funded in any one year to provide the additional, variable one percent increase, a retroactive variable COLA will be provided in subsequent years when the Plan is once again sufficiently funded (as certified by the Plan's actuary).

< - Forms of Benefit Payments -- Survivor Benefits