Provision for retirement income requiring mandatory participation for full-time regular employees. City of Lakeland employees do not pay into Social Security.
Defined Benefit Plan:
|Plan C||Defined Contribution Plan: Executive and New Hires Over Age 52|
|Employee Contribution||6.49%||8% and/or 11% per election upon hire|
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 2019 is $19,000; 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.
An employee is fully vested in their retirement after five years of employment.
Fire Department (Certified Fire Fighter)
|Police Department (Sworn Officers)|
Please see Retirement Services for details on vesting and investment options.