Financial Benefits

Pension Plans

General Employees Pension Fund

The City requires all general regular full-time employees to participate in the Pension Fund. The City makes a contribution to the Pension Fund in accordance with the requirements identified in the actuarial valuation, and employees are required to contribute 7% of their pay into the plan. Employees become vested when they have completed 5 years of continuous service. The Pension Plan provides benefits upon retirement, and includes provisions for disability benefits.

Firefighters’ Pension Fund

A participant is any individual employed by the City as a full-time firefighter as defined by the Florida Statutes. The City makes contributions to the Pension Fund in accordance with the requirements identified in the actuarial valuation, and employees are required to contribute 10.5% of their pay into the plan. Employees become vested when they have completed 8 years of continuous service. The pension plan provides benefits upon retirement, and includes provisions for disability benefits.

Elected and Appointed Officers and Non-Represented Employees Retirement Plan

Elected and appointed officials of the City, executive, managerial/professional and non-represented administrative employees employed by the City in a full-time capacity are required to participate in the plan. The City makes contributions to the Pension Fund in accordance with the requirements identified in the actuarial valuation, and participants are required to contribute 10% of their pay into the plan. Employees become fully vested when they have completed 5 years of continuous service. The Pension Plan provides benefits upon retirement, and includes provisions for disability benefits.

Deferred Compensation Plan - 457

The City offers a pre-tax deferred compensation plan. Each year employees can contribute the lesser of up to 100% of gross income (after subtracting any mandatory employee contributions to 401 qualified plans made with pre-tax dollars) or the standard contribution limit ($18,500 for 2018). The “Age 50” catch-up provision allows employees to contribute an additional annual amount when reaching age 50 or older (additional $6,000, for a total limit of $24,500 for 2018). Visit the Voya Retirement Plans website.

Credit Union

City employees are eligible for membership in the WeFlorida Financial Credit Union which offers a variety of financial services.

Benefit Options

Some regular employees are eligible to receive a benefit option package to help offset the cost of insurance, medical or dependent care expenses or other eligible costs otherwise paid by employees.

Flexible Spending Accounts

The City offers two flexible spending accounts: Medical Reimbursement Plan and Dependent Care Assistance Plan

• The Medical Reimbursement Plan is a pre-tax reimbursement program for qualifying medical care expenses. Employees may elect to participate in this plan by designating up to $2,650 per calendar year on a pre-tax basis for qualifying medical expenses.
• The Dependent Care Assistance Plan is a pre-tax reimbursement program for qualifying dependent care expenses. Participants are eligible to set aside up to $5,000 per calendar year on a pre-tax basis for qualifying expenses.