Retirement Benefits
The City of Lakeland offers a secure pension plan that helps you build long-term financial stability, so you can focus on making a difference today and retire with confidence tomorrow. Participation is mandatory for full-time regular employees and provides retirement income in place of Social Security, as City of Lakeland employees do not contribute to Social Security.
General Employees:
Defined Benefit Plan C:
| Employee Contribution | 4.52% |
| Employer Contribution | 15.54% |
Defined Contribution Plan- Executive and New Hires Over Age 52:
| Employee Contribution | 8.5% and/or 11% per election upon hire |
| Employer Contribution | 15.54% |
Fire Department - Certified Firefighters:
| Employee Contribution | 10.42% |
| Employer Contribution | 16.54% |
Police Department - Sworn Police Officers:
| Employee Contribution | 16.48% |
| Employer Contribution | 21.09% |
Deferred Comp:
A voluntary plan, the Employees’ Pension Board performs due diligence on the funds. Employees may reallocate their accounts at any time. The maximum contribution for 2026 is $24,500; employees age 50 or older can also add a “catch-up” amount of $8,000; employees age 60-63 can also add a “catch-up” amount of $11,250.
Additionally, a match of up to 5% of salary is offered by the City in Plan C (General Employees).
Vesting Period:
An employee is fully vested in their retirement after five years of employment unless they are a certified Firefighter or sworn Police Officer. Certified Firefighters and sworn Police Officers are vested after ten years of employment.
Please see Retirement Services for details on vesting and investment options.