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Directory
home 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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DEFERRED 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. If your vested interest is 0%, you are entitled to a full refund of your contributions made to the Plan as described in the Contributions section above. 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 above, 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.
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, below). Your monthly benefit will be eligible for cost of living adjustments as described in detail in the Cost of Living Adjustment section later in this document. |
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