Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Plan Provisions - Retirement Benefits

   

Normal Retirement Benefit

If you retire on your Normal Retirement Date, the monthly benefit that you will receive is your Normal Retirement Benefit. The amount of your Normal Retirement Benefit is based on the following factors:

  1. Your Covered Salary – This is the amount of your compensation including base pay and regular longevity wages, but excluding overtime, bonuses and any other non-regular payments. Covered Salary will be limited to $200,000 (as adjusted periodically for cost-of-living) in any one year. The adjusted pay limit for 2011 is $245,000.

  2. Your Average Monthly Salary – This is the monthly average of your Covered Salary for the highest 78 completed bi-weekly pay periods (times 1.0048) during your employment with the Employer if your Plan membership date was before June 8, 2011. If your Plan membership date is on or after June 8, 2011 your average monthly salary is the monthly average of your Covered Salary for the highest 130 completed bi-weekly pay periods (times 1.0048) during your employment with the Employer.

  3. Your years of Credited Service at your Normal Retirement Date.

  4. If you were hired prior to June 8, 2011 your benefit accrual rate of 2.75%. If you were hired on or after June 8, 2011 your benefit accrual rates of 2.00%.

The calculation of your Normal Retirement Benefit is as follows:


Hired prior to June 8, 2011

2.75% of your Average Monthly Salary multiplied by your years of Credited Service.

Example: your Average Monthly Salary at Normal Retirement Date is $2,500 and your Credited Service is 20 years. The calculation is:

2.75% x $2,500 x 20 years = $1,375

Your Normal Retirement Benefit payable each month would be $1,375.


Hired on or after June 8 ,2011

2.00% of your Average Monthly Salary multiplied by your years of Credited Service.


Example: your Average Monthly Salary at Normal Retirement Date is $2,500 and your Credited Service is 20 years. The calculation is:

2.00% x $2,500 x 20 years = $1,000

Your Normal Retirement Benefit payable each month would be $1,000.


Your maximum pension benefit is 100% of your Average Monthly Salary or $90,000 per year, whichever is less.


The Normal Retirement Benefit is paid to you for your life in accordance with the Normal Form of Benefit Payment as described later (however, see the sections on Death Benefit Payments and Forms of Benefit Payments). Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security.


Accrued Benefit

The portion of your Normal Retirement Benefit that you have earned at any point in time prior to your Normal Retirement Date is your Accrued Benefit. Your Accrued Benefit is computed in the same way as the Normal Retirement Benefit, except you use your present Average Monthly Salary and Credited Service in the preceding calculation. If you are vested at your date of termination, you would be eligible to receive your Accrued Benefit as a monthly amount starting on your Normal Retirement Date. Vesting provisions are described later in this document.


Early Retirement Benefit

If you retire early, you may elect to receive your Early Retirement Benefit either on a deferred basis or immediately.

  1. A deferred Early Retirement Benefit means the benefit begins on your Normal Retirement Date and is paid to you for your life. The benefit is equal to your Accrued Benefit on the date you terminated your employment.

  2. An immediate Early Retirement Benefit is a benefit that beings on your Early Retirement Date and is paid to you for your life. The benefit is equal to your Accrued Benefit on the date you retire, but reduced for the number of months by which the starting date of the benefit precedes your Normal Retirement Date. The benefit is reduced to take into account the fact that you will begin to receive the benefit sooner and are expected to receive payments for a longer period of time. The following table shows how much your reduced benefit will be if payments begin before your Normal Retirement Date:

 

Number of

Years Early

Early Retirement Benefit as Percentage of Accrued Normal Retirement Benefit

              1

              2

              3

              4

              5

 

              6

              7

              8

              9

            10

    93.3%

 86.7

 80.0

 73.3

 66.7

 

 63.3

 60.0

 56.7

 53.3

 50.0

 

The Early Retirement Benefit is paid to you for your life in accordance with the Normal Form of Benefit Payment as described later (however, see the sections on Death Benefits After Retirement and Election of Optional Forms of Benefit Payments). Your benefits from this Plan are paid in addition to any benefits you may receive from Social Security.


Delayed Retirement Benefit

The amount of your monthly Delayed Retirement Benefit is calculated and paid the same way as the Normal Retirement Benefit. However, your Average Monthly Salary and Credited Service as of your actual Retirement date are used in the calculation.


Cost of Living Adjustments

If you were hired prior to June 8, 2011, your monthly benefit will be eligible for your cost of living adjustments beginning at the first anniversary of your retirement, payable on the following October 1. If you were hired on or after June 8, 2011, your monthly benefit will be eligible for your cost of living adjustment beginning at the fifth anniversary of your retirement, payable on the following October 1. This is described in more detail in the Cost of Living Adjustment section later in this document.

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