COLA stands for Cost Of Living Allowance. Police and Firefighter retirees are eligible to receive annual COLA increases beginning on the first payment of their 25th anniversary. A minimum benefit increase of one percent per year will be provided, regardless of the amount of premium tax revenues received by the City. A maximum amount of the total annual benefit increase shall not exceed four percent, regardless of the amount of premium tax revenues received by the City.
There is no COLA for General Employee Retirees.
Any employee and/or retiree should notify the Pension Administrator of a change in address in writing signed by the employee and/or retiree. The Pension Administrator will then make sure all files are updated.
The withholding form is available for printing under the Forms section on this website. If you are unable to print it, the Pension Administrative Office can send out a form to add, stop or change current deductions.
A new signed direct deposit authorization request is required for direct deposit changes. The form is available under the Forms section on this website. This change request generally takes 4-6 weeks for processing. It is very important that you do not close out your old account until the first deposit is in your new account.
Requests for income verification must be in writing. Requests are answered within three days after receipt.
A death benefit is offered to the member of both plans depending on the option of benefit chosen at the time of retirement. If an unmarried retiree dies, any remaining funds would be forwarded to the retirees’ estate or designated beneficiary. In most cases, the funds a retiree had contributed to a pension plan while an employee, are usually exhausted within the first year of retirement.
Please contact the Pension Administrator for more information on this. The following information will be needed: name of retiree, social security number, date of death information concerning who to contact regarding the deceased person’s account and a copy of the death certificate.
Retirees are eligible to continue coverage of life insurance and the city’s health insurance programs by paying the full premium. Please contact Human Resources’ Benefits Manager (561) 243-7154 for more information.
Human Resources’ Benefits Manager is responsible for submitting any premium deduction changes. You may contact them at (561) 243-7154.
No, the city does not honor QDRO’s for either pension plan. The monthly benefit must be paid to the retiree.