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Pension and Retirement Services

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