FAQ: Participants

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FAQs

  • What does vesting mean?
  • Can a current employee purchase previous city service?
  • Can I borrow against my pension?
  • What if I terminate employment before reaching normal retirement?
  • If I leave the city, how do I get my contributions refunded?
  • Can I purchase military time?
  • How is the pension administered?
  • What happens when an active employee dies?
  • What would happen if an active member became disabled?
  • Will I have to pay income tax on my disability benefits?
  • I plan on retiring at the end of this fiscal year, what do I have to do and when?
  • What is Early Retirement?
  • What is normal retirement?
  • What is the retirement formula used to determine the amount of my monthly pension benefit?
  • What is the Deferred Retirement Option Program (DROP)?
  • Who is eligible to participate in the DROP?
  • How long can I participate in the DROP?
  • Can I change my option while participating in the DROP?
  • If I get a raise while in the DROP, will that increase my monthly benefit?
  • Does enrolling in the DROP require my employer to keep me employed for the participation period that I choose?
  • Who is entitled to my DROP benefits if I should die while participating in the DROP?
  • How do I receive my DROP account money?
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