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 - Vested Retirement Benefit

   

If you terminate employment, other than by reason of retirement, disability or death, you may be entitled to a deferred Vested Retirement Benefit. This benefit is equal to your Accrued Benefit on your termination date multiplied by your vested interest. The following chart shows your vested interest in your Accrued Benefit.

Vested Interest

Completed Years of Service

Elected and Appointed Employees

Senior Management Employees

All Other General Employees

Less than 5

0%

0%

0%

5 to 7

100%

100%

0%

7 or More

100%

100%

100%

 

If you become eligible for Early or Normal Retirement while you are working for the City, you are automatically 100% vested.

The vested benefit is payable at your Normal Retirement Date.

If you have fewer than 20 years of Credited Service before your termination, the time after your termination will count toward determining when you reach your Normal Retirement Date, but you will not accrue any additional benefit for the time after termination.

If you have 20 or more years of Credited Service before your termination, you may receive your vested benefit, reduced as for Early Retirement, at any time after your termination (see Early Retirement Benefit).

Your monthly benefit will be eligible for cost of living adjustments as described in detail in the Cost of Living Adjustment section of this site.

You may elect to immediately receive a refund of your own contributions, plus three (3) percent interest, even if you are not yet eligible to receive a retirement benefit. Please note that the election to take a refund of your contributions with interest would be in lieu of any and all future benefit payments.

If you terminate before you are vested you will receive a refund of your own contributions, plus three (3) percent interest. Please note, however, that you must have at least one year of Credited Service to receive the three percent interest. If you are an Elected Official or Appointee, you are not entitled a refund of the contributions made by the City on your behalf.

The taxable portion of any refund you receive is subject to an automatic twenty (20) percent withholding for federal income tax purposes. This tax can be avoided, however, if you roll the taxable portion over to an Individual Retirement Account (IRA) or another qualified employer plan. This rollover will result in no tax being due until you begin withdrawing funds from the IRA or other qualified employer plan. The rollover of the distribution, however, MUST be made directly by the Retirement System to your chosen IRA or other qualified employer plan.

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