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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 3.08% 8.5% and/or 11% per election upon hire
Employer Contribution 16.67% 15.39%

Deferred Comp:

A voluntary plan, the Employees’ Pension Board performs the due diligence on the funds. Employees may reallocate their accounts at any time. The maximum contribution for 2023 is $22,500; employees age 50 or older can also add a “catch-up” amount of $7,500. 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 unless they are a sworn Police Officer. Sworn Lakeland Police Officers are vested after ten years of employment.

Fire Department (Certified Fire Fighter)

 

Police Department (Sworn Officers)

 

 

Fire

 

Police

Employee Contribution

8.85%

Employee Contribution

11.67%

Employer Contribution

14.97%

Employer Contribution

17.22%

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