Normal Retirement

A member's normal retirement date is the last day of the month in which the member's age and years of service equal 80 points, also known as Rule-of-80 or 65 years of age with a minimum of 5 years service, whichever comes first.

An application for Normal Retirement is attached. All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Special Retirement

Police Officers may retire after completing 25 years of service regardless of age. However, a police officer may retire under normal retirement should they reach 80 points (age and years of service equal 80) before their 25 years of service.

An application for Special Retirement is attached. All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Actuarial Equivalent (Alternate Pension Benefit)

Upon normal or special retirement, members may elect to receive between 5% and 25% of the actuarial value of their retirement benefit in a lump sum payment and receive a reduced monthly pension benefit.

An application for Retirement and an Actuarial Equivalent Lump Sum is attached. All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Early Retirement

A member who is at least fifty (50) years of age with five (5) or more years of service may take an early retirement and receive a reduced pension. Early retirement pensions are calculated using a reduced multiplier of 2.75% versus 3.00% for normal retirement. Additionally, a member who leaves early is subject to a early retirement penalty of 5/12% for every month they leave early (or, 5% annually).

An application for Early Retirement is attached. All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Deferred Retirement Option Program (DROP)

A member who has attained the normal or special retirement date may elect to remain in active service with the city and defer retirement by participating in DROP. DROP allows a member to accrue a monthly amount in their DROP account equal to what the member would have received had they retired. A member may not accrue more than 60 months in DROP. The member will receive the balance of their account at member's actual separation from service.

An application for DROP is attached. All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Vested Termination Pension

A member with at least five (5) years of credited service (vested) who separates from service (voluntarily or involuntarily) may choose to leave their contributions with the Fund and receive a Vested Termination Pension at a later date.

The Vested Termination Pension is a monthly benefit payable: (1) on the date when the member would have otherwise attained normal retirement had the member remained employed by the City OR (2) in a reduced amount commencing on or after age fifty (50). Members who take a Vested Termination Pension are not eligible to take an actuarial equivalent Lump Sum.

If a member intends to take a Vested Termination Pension, they will need to fill out the form provided and submit to the Retirement Office.