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) |
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Fire |
Police |
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|
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.