How long will it take to get a refund of my contributions if I leave the city?
You must apply for a refund (forms available on our website). You will receive your refund approximately 60 to 90 days after your final separation.
Are my retirement benefits subject to garnishment?
What if I should close my bank account prematurely and do not submit a completed direct deposit authorization form to the Retirement Fund before the tenth (10th) of the month?
A pension payment that is sent to a closed account will be sent back to our bank and a paper check will automatically be generated and mailed to the member’s mailing address on file. You should submit a change of direct deposit immediately to ensure your next month’s payment is sent to the correct account. This can be done by using the form on the back of your check advice or accessing the form in the Member Portal.
What deductions will be taken from my monthly pension?
The only deductions taken are federal and state taxes (depending on your state), city health insurance (if enrolled), city dental insurance (if enrolled), city vision insurance (if enrolled) and child support, if applicable. You may also elect to have retired firefighter membership and/or CORE dues withheld.
Will I receive cost-of-living adjustments (COLA) with my pension?
If you retired on or before Jan. 1, 2021:
Tier I – The Blue portion of your benefit (or all of your benefit if you retired prior to Nov. 1, 2013 for General and Police Civil Service, Feb. 1, 2015 for Fire Civil Service) is eligible for the COLA each January based on the type you elected, provided you retired by Sept. 30 of the preceding year. The Orange portion of your benefit is eligible for a 2% simple COLA each January, again provided that you retired by Sept. 30 of the preceding year.
Tier II – Under the current ordinance, you are not eligible for a COLA on your benefit.
Retirements After Jan. 1, 2021:
Tier I - Blue and Orange portions of your benefit will be eligible for a variable COLA set by the Fund board and City Council. No COLA will be paid on the Gray portion of your benefit.
Tier II – Under the current ordinance, you are not eligible for a COLA on your benefit.
What do I need to do to change the direct deposit from one bank to another?
You can sign on to the Member Portal and change your direct deposit immediately online. You can use the form on your check advise or print off a direct deposit change form (linked from our Forms page) to submit your change. All changes received by the tenth of the month will take effect the first of the following month.
Why is my pension payment not on the first of the month this month?
The Fund is aware that it creates frustration for retirees when payments are made after the first of the month, which occurs when the 1st is not a banking day (for example, when the 1st is on a weekend or a holiday). This schedule, however, is not set by the Fund but is dictated by the City Retirement Ordinance and banking schedules.
The City Retirement Ordinance requires that pensions be paid on the 1st of each month. The ordinance states that pensions are “payable monthly on the first day of each month commencing with the month following the board’s approval” of the member’s pension.
Banks are closed on federal holidays and weekends because the Federal Reserve is closed. When the 1st falls on a holiday (which is always true for New Year’s Day) or on a weekend, the Fund must pay the next banking day, because of the way the ordinance is written. There is not currently another option. Knowing this information can help you look forward on the calendar and plan accordingly. Payment dates are always listed on our website calendar.