Pension


Pension Plans

Provision for retirement income requiring mandatory participation for full-time regular employees.  City of Lakeland employees do not pay into Social Security.

 

General Employees:

Defined Benefit Plan:

  Plan C Defined Contribution Plan: Executive and New Hires Over Age 52
Employee Contribution 6% 8% and/or 11% per election upon hire
Employer Contribution 19.6% 15.39%

 

Deferred Comp:

A voluntary plan, the Employees’ Pension Board performs the due diligence on the funds. Employees may reallocate their account at any time. Maximum contribution for 2017 is $18,000; employees age 50 or older can also add a “catch-up” amount of $6,000. Additionally, a match of up to 5% of salary is offered by the City in Plan C.

 

Vesting Period:

An employee is fully vested in their retirement after five years of employment.

 

Fire Department (Certified Fire Fighter)

  Police Department (Sworn Officers)  

 

Plan B   Police

Employee Contribution

7.18% Employee Contribution 14.3%

Employer Contribution

13.56% Employer Contribution 18.98%

 

Please see Retirement Services for details on vesting and investment options.