spacer

The Plan
Pre-Retirement
Retirement
DROP
Forms
FAQs
Links
Contacts


Early Retirement Benefits

Actively employed Plan Members are eligible for early retirement pension benefits on the first day of the month following either attainment of age 50 and the completion of 15 years of service. whichever comes first.

 

The Pension Plan is a defined benefit plan that uses a formula based on earnings and service to determine the monthly retirement benefit.

Earnings are determined by averaging the highest 2 of the last 5 years of employment and generally include base pay, longevity and under certain circumstances assignment pay.

Years of service are converted to a service accrual factor equal to 3% multiplied by the first 25 years of service and 2.5% for every year thereafter with a maximum accrual factor of 90%.

Service accrues from the pension entry date until the termination of employment. The accrual of service credit is prorated right down to the termination date including fractional parts of months and years. It is unnecessary to work through an anniversary date to earn a full year of service credit or a full month to receive credit for that month.

Early retirement benefits are then reduced by 5% annually for every year or fractional part thereof prior age 55.

When selecting a retirement date for early retirement benefits, termination of employment must occur on or after the first day of the month following age 55 or completion of 15 years of service. After then employment may terminate on any day.

Examples of early retirement calculations are found within the Summary Plan Description and Member's Handbook.

 

Retirement Process:

Actively employed Plan Members should schedule an appointment with the Pension Office at least 2 months before their expected retirement date to discuss their retirement, investigate optional spousal survivorship benefits and receive a calculation of their estimated pension benefits.

An Application must be submitted to the Pension Office to start the retirement process. The Application should be submitted at least 45 days in advance in order to receive the promptest payment possible. The Application is available online or from the Pension Office.

Below are links to additional information:
Normal Retirement
Vested Deferred Retirement
DROP
Optional Survivorship Benefits

Linked is a Retirement Guide & Checklist that may be helpful in understanding the process.

 

The Plan  |  Pre-Retirement  |  Retirement  |  DROP  |  Forms |  FAQs  |  Links  |  Contacts
Fort Lauderdale GERS © All rights reserved.