What is the required retirement biweekly retirement contribution percentage for all Tier-2 employees?
The required retirement biweekly retirement contribution percentage for all Tier-2 employees is 4.0 percent.
What is the minimum amount of years an employee must work in order to be eligible to vest or receive a monthly pension?
You must have completed a minimum of 10 years of service in order to vest or receive a monthly pension.
Is there an age limit on vesting?
No, there is no age limit on vesting.
What is the minimum age an employee must be in order to receive their monthly pension?
The minimum age an employee must be in order to receive their monthly pension is age 59 with 10 years of service.
Am I able to purchase years of service?
After you have completed your 1-year probationary period, you may purchase up to 3 years of service.
How much may I borrow against my retirement contributions?
None. Employees are only able to receive their retirement contributions, with interest, up resignation/termination of employment.
How often does the City of Plantation provide an explanation of benefits/pension?
An annual benefit statement is provided by the Actuary each April. This statement will provide you with detailed information about the benefits you’ve earned to date along with your estimated retirement benefit.
How is my Supplemental benefit calculated?
In addition to your monthly pension, an annual supplemental benefit payment of $10.00 a month for each full year of credited service will be paid.
Example: 10 years = $1,200 annually.
This payment is issued annually in the month of December.
Does the City of Plantation offer an early retirement option?
There are two early retirement options:
Age 50 with a minimum of 15 years of service
Any age with 25 years of service
Will I be penalized for taking an early retirement?
The penalty of 3 percent for each year (prior to age 59).
