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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 6.49% 8% and/or 11% per election upon hire
Employer Contribution 19.75% 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 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.


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

8.76% Employee Contribution 16.93%

Employer Contribution

14.79% Employer Contribution 20.91%

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