|
To Our General Employees,
Helping you plan for the future is a priority that we take seriously as your employer. The City of
Pembroke Pines' philosophy is that it is never too soon to plan for retirement. As part of a first rate
benefit package, we provide a mandatory pension plan to facilitate an enjoyable retirement.
As prescribed by Ordinance 1297, our pension plan provides a monthly income to active participants
upon retirement. This income is based on earning records, number of years of service with the City, and
other guidelines provided by the plan.
As we strive to give our employees the best possible benefits, I am confident that as a participant you will
appreciate the opportunity to build estate value for your future.
Best regards,
Charles F. Dodge
City Manager
WHY A MANDATORY PENSION PLAN?
One of the best benefits an employer can make available to its employees is a pension plan. The City of Pembroke Pines General Pension Plan provides the following benefits:
- Better planning for retirement years
- Secured income for independence in the years ahead
- Supplemental income along with your savings, social security and other sources
- No tax withholding on pension contributions; participants' contributions are optimized.
Return to Menu
HOW DOES THE PLAN WORK?
This plan consists of contributions made by:
- The City of Pembroke Pines - As a benefit, the City pays a percentage of your earnings towards the
plan. This percentage varies and depends on how well the funds are administered.
- Each employee or participant contributes 8.5% of their compensation.
- Contributions made by both the City and employee are invested under a group annuity contract that is
administered by the Principal Financial Group.
Return to Menu
WHO IS ELIGIBLE FOR THE PENSION PLAN?
This plan is specifically designed for the following individuals:
- Elected Officials
- Employees who work 30 hours or more
Upon the dates of retirement, employment cessation, and death, eligibility in the plan stops.
Return to Menu
WHAT IS THE NORMAL RETIREMENT DATE UNDER THE PLAN?
The normal retirement date for active participants is the first day of the month that coincides with the date
on which the employee completes ten (10) years of vesting service and 55 years of age.
Return to Menu
WHAT IS THE EARLY RETIREMENT DATE FOR PARTICIPANTS?
The employee can elect the early retirement date provided that the individual has attained age fifty (50)
and has completed five (5) years of vesting service. Reduced benefits begin the first day of any month
after the employment ceases with the City.
Return to Menu
ACCRUED BENEFITS
An active participant's monthly-accrued benefit as of any date will be equal to 2.75% of his/her average
compensation multiplied by all years of service, maximum of 29.09 years. Benefits will average in any
event to a maximum of 80% of the employee's compensation.
Return to Menu
DEFERRED RETIREMENT OPTION PLAN (DROP)
The DROP enables employees to transfer accrued retirement benefits to a separate account on a
deferred basis while remaining in the active employment of the City. Basically, employees' credited
service, accrued benefit and average monthly earnings will be calculated as if employees had actually
retired from service.
Election to participate in the DROP must be exercised within the first five years of eligibility. All requests
shall be made in writing in a time and manner determined by the City. Once an employee decides to enter
into the DROP, the decision is irrevocable. The Employee's contributions and credited services earned
stop. He/she must terminate employment at the end of the DROP period.
Return to Menu
DISABILITY BENEFITS
This plan further provides Disability Benefits for those who may become totally and permanently disabled
before retirement date.
- Should the disability be unrelated to work, and the employee has completed 10 years of vesting
service, the disability will be equal to accrued benefits earned on the date before the employee's monthly disability benefits begin.
- In the event the disability is work related, accrued benefits on the day before the employee's monthly
disability benefit begins, or 40% of the employee's current monthly compensation on such date.
Return to Menu
FOR MORE INFORMATION PLEASE CALL THE DIVISION OF HUMAN RESOURCES AT (954) 435-6587 |