General Employee (Retirement) Benefits
RETIREMENT PLANS and MEDICAL SAVINGS ACCOUNT
RETIREMENT PLANS
FOPE and NON-BARGAINING (SALARIED) EMPLOYEES – not Fire
- Normal Retirement Eligibility
Age 55 with 20 years of credited service or age 62 with a minimum of 3 years of credited service.
- Benefit Calculation
3% x years of credited service x 3 years’ highest average earnings (78 pay periods), payable for life of retiree.
- Employee Payroll Contributions
10% of base pay.
- Vesting Schedule
Regular Employees - vested after 7 years
Senior Management, Elected Officials and Appointees – vested after 5 years
- Early Retirement Benefits
Any age after 20 years of service, reduced for early payment.
- Vested Normal Retirement
Those who are separated from employment after becoming vested may receive benefits payable at what would have been their normal retirement date, based upon credited service at the time of separation.
- DROP Plan
Eligible to enter the DROP plan for up to 8 years after qualifying for Normal Retirement. Both employee contributions and accrual of credited service stop. Employee’s monthly pension benefits (payments) are placed in a separate account and accumulate while earning interest until leaving the City.
Medical Savings, VEBA Account - ALL EMPLOYEES
- VEBA
Effective day one of employment, the City contributes an additional 2.25% of each employee’s base pay to an account for each employee to use upon retirement for medical purposes.
$0 contribution by employee.
FOPE – Federation of Public Employees (Union)
DROP - Deferred Retirement Option Program
VEBA – Voluntary Employee Beneficiary Association
10-2024
General Employee (Retirement) Benefits
For further information regarding our pension plans, please use the link below
Police/Firefighters Retirement (Benefits)
For further information regarding our pension plans, please use the link below