Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public-records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.


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Plan Provisions - Contributions to the Plan

   

Benefits of the Plan are financed by contributions that are paid into the pension fund and by investment earnings generated by investment of the pension fund. Contributions to the fund are made by:


You

Your contribution rate is 10.0% percent of your covered salary (see heading entitled Retirement Benefits for definition of covered salary) if you were hired before June 8, 2011. Your  contribution rate is 7% percent of your covered salary (see heading entitled Retirement Benefits for definition of covered salary) if you were hired on or after June 8, 2011. The Employer “picks up” this contribution through a salary reduction of your base pay. If you are an elected Official or Appointee, you will not contribute to the Plan. However, the City will contribute the required percentages into your Plan on behalf of Elected Officials and Appointees.

Your contribution will cease upon your retirement, entry into the Deferred Retirement Option Plan (DROP), death, disability or employment termination. Interest is credited at the annual rate of 3.0%.

Your Employer

The City of Pompano Beach must contribute an amount determined by the Plan’s actuary to be sufficient, along with your contribution, to systematically fund the benefits under the Plan. The City’s contribution will vary depending upon the experience of the Plan.

-> Eligibility and Credited Service