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Effective Date Eligibility Creditable Service Salary Average Final Compensation Normal Retirement Early Retirement 13th and 14th Checks Vesting Service Incurred Disability Non-Service Incurred Disability Preretirement Death Benefits Deferred Retirement Option Plan (DROP) Contributions Effective Date July 1, 1972 Eligibility All full-time police officers. Participation is mandatory. Creditable Service Full-time service with the City during which time prescribed employee contributions are made.  Under certain conditions, military service is includable. Salary Gross pay, excluding payouts of accrued benefits upon termination of employment. Average Final Compensation (AFC) Average Salary for the three best contributing years. Normal Retirement Eligibility - Age 53 and 10 years of service or 20 years of service regardless of age. Benefit - 4% of AFC for each of first 10 years of Service plus 2% of AFC for each year thereafter.  In addition, those who retire after August 14, 2001 will receive a supplemental monthly benefit equal to $10 per year of service with a maximum supplement of $200 per month until age 65 and $6.25 per year with a maximum of $125 per month thereafter. Form Benefit - Life annuity (ceasing upon death), with other options available. Early Retirement Eligibility - Age 47 and 10 years of service. Benefit - Accrued benefit reduced by 3% for each year by which early retirement date precedes normal retirement date.  Supplemental benefit described above is also payable. 13th and 14th Checks In years when there is a net actuarial gain, 13th and 14th checks may be payable to retirees. Vesting Upon completion of 10 years of Creditable Service, Members are fully vested in their accrued benefits.  Should such a Member terminate employment and leave his own contributions in the Fund, he would be entitled to his accrued benefit beginning at his Normal Retirement Age.  Members who terminate before completion of 10 years receive a refund of their own contributions without interest. Service Incurred Disability Eligibility - A total and permanent disability which impairs a member from his regular and continuous duty within his job classification. Benefit - 75% of Salary in effect on date of disability less certain amounts paid by Workers' Compensation and, in certain cases, earnings from other sources such as salaries and self-employment income. Non-Service Incurred Disability Eligibility - A total and permanent disability which impairs a member from rendering efficient service to the City. Benefit - The accrued retirement benefit with a minimum of 25% and a maximum of 50% of AFC. Pre-Retirement Death Benefits In the event of the death of a non-vested member, his accumulated contributions shall be paid to his beneficiary.  Upon the death of a vested member, the beneficiary shall receive a benefit in accordance with the member's written election of an optional form of payment; such benefit begins on the earliest date the member could have retired. Deferred Retirement Option Plan (DROP) Members who continue in employment past normal retirement date may either accrue larger pensions or freeze their accrued benefit and enter the DROP.  Each participant in the DROP has an account credited with benefits not received and investment earnings. Contributions Members - 7.15% of Salary. State - Premium Tax Refunds for the benefit of police officers. City - Each year the City will contribute at least the difference between the total cost of the system and the sum of State contributions and member contributions.  It should be noted that when the city’s contribution exceeds 10% of payroll, the excess is shared 50/50 with the city and the officers. If you would like a full copy of the Summary Plan Description please contact your Pension Office.