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) | ||
|
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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.