Retirement

The City offers two retirement plan options. Employees can choose to participate in either a Defined Benefit (Pension) plan or a Defined Contribution (401(a)) plan, when hired. 

Optional Roth IRA and 457 Deferred Compensation Savings Plans are also available.

Part-time Employees

Employees who work a minimum of 1,040 hours per fiscal year will be allowed to participate in the 457 Deferred Compensation Plan. The City will not provide any matching funds.

Retirement Plans at a Glance

City Retirement Plans



Defined Contribution Plan
401(a) Plan
Employee Contribution is not required.
City contributes 7%
Vesting is 1 year

Employees may elect to contribute pre-tax 0%, 3%, 5%, 7% or 10% (irrevocable decision made at time of hire)

OR
    

Defined Benefit Pension Plan
Required 6% employee contribution
1.75% multiplier at normal retirement*
Vesting is 10 years

*Normal retirement benefits attained upon the age of 65, age 55 with 20 years of service, or age 53 with 30 years of service.

How Do We Compare to the Florida Retirement System?

Florida Retirement System


FRS Investment 
401(a) Plan

Required 3% employee contribution
FRS employer contributes 3.3%
Vesting is 1 year


FRS Pension Plan

Required 3% employee contribution
Varies by age at retirement, 1.60% at age 65 up to 1.68% at age 68
Vesting is 8 years

This is intended for illustrative purposes only, see myFRS.com for complete plan details.