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Vested Deferred Retirement Benefits

Actively employed Plan Members leaving employment before their normal retirement date of age 55 or 30 years of service have the right to collect a fully vested deferred retirement benefit starting at age 55 and continuing for their lifetime.

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.

Examples of retirement calculations and additional information can be found within the Summary Plan Description and Member's Handbook.

Refund of Pension Contributions - at any time before collecting retirement benefits, a terminated vested member can elect to withdraw their own personal pension contributions to the Pension Plan plus interest. Withdrawal of contributions results in the permanent and irrevocable forfeiture of all future retirement benefits.

Reemployment - new and additional service for Plan Members rehired by the City of Fort Lauderdale will not be added to their existing retirement benefit because the Pension Plan has been closed to new entrants. Instead their status is the same as other newly hired employees and they might be eligible to participate in the Defined Contribution Plan.

 


Retirement Process:

Vested deferred 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:
Early Retirement
Normal Retirement
DROP
Optional Survivorship Benefits

 

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