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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.

Normal Form of Benefit Payment

Unless you elect otherwise before retirement, your pension is payable as a Life Annuity. A Life Annuity is a series of monthly payments payable to you for your life. Upon your death, no further payments will be made.

Election of Optional Forms of Benefit Payments

You have the right at any time before your actual retirement date to elect not to have your retirement benefit paid in the Normal Form. Your benefit would then be paid in the optional form, which you may choose

You may choose among the options described below and revoke any such elections and make a new election at any time before your actual retirement. You must make such election by written request to the Executive Director and such election shall be subject to the approval of the Board of Trustees. This election also applies to terminated Participants who are eligible for payment of deferred Vested Retirement Benefits. The options available are as follows:

1. Option 1 - Joint and Last Survivor Option
   

   You may elect to receive a decreased monthly retirement benefit during your lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after your death to your designated Beneficiary for the rest of the Beneficiary’s lifetime. This election will be null and void if your designated Beneficiary dies before you retire and you do not select another Beneficiary prior to your retirement. You may name only one Beneficiary, who must be a natural person. The present value of the payments to you must initially be at least 50% of the total combined present value of payments to both you and the designated beneficiary.

2. Option 2 - Ten Year Certain and Life Thereafter Annuity
   

   You may elect to receive a decreased retirement benefit with 120 monthly payments guaranteed. If you die before receiving 120 payments, the payments will continue to your Beneficiary until a total of 120 payments have been made. If you live longer than ten years, payments are continued for the rest of your life, ceasing upon your death. You may name multiple Beneficiaries, who must be natural persons.

3. Option 3 - Other
   

   In lieu of the other optional forms enumerated in this section, retirement benefits may be paid in any form approved by the Board of Trustees so long as actuarial equivalence with the benefits otherwise payable is maintained.

   Under no circumstances shall the Board of Trustees approve a lump sum distribution of the present value of your accrued benefit. However, if you so elect, you may receive a distribution of all of your accumulated contributions, plus 3% interest, in lieu of a monthly retirement benefit.

   In no event may the total of benefit payments to you and your Beneficiary be less than your own accumulated contributions plus 3% interest.

FILING FOR RETIREMENT BENEFITS

The following procedures are provided for your information, to assist you as you prepare for retirement (i.e. early, normal or delayed):

1. Advise your supervisor/department head in writing of your plans to retire.
2. Contact the Executive Director to set up an appointment to complete an application for retirement.
3. You will have to provide the Executive Director with certified copies of your birth certificate, marriage certificate, and your Beneficiary’s birth certificate. (Last two items are required if you elect to receive an Optional Form of Benefit Payment other than Life Annuity).
4. The Executive Director will advise you when the final benefit calculation has been completed so that you can make a benefit selection. Your selected Beneficiary and one Trustee should be present when the benefit option is selected.
5. The Board of Trustees then approves your retirement election at its next monthly Board meeting.

NOTE: Contact your tax preparer for the most current tax laws concerning your pension.

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