Contributions to Police Officer's Retirement System
Active police officers and the County make contributions, calculated as a percent of active officers' salaries (excluding overtime).
Employee:
8.65%
Employer:
The County's contribution varies yearly, as determined by the system's actuary as the amount required to fund the plan based on actuarial assumptions.
For fiscal year 2023, which is from July 1, 2022 through June 30, 2023, the County is contributing 46.04%
Types of Retirement Benefits
There are six types of retirement that police officers can utilize.
1. Normal Service Retirement
Eligibility:
Age 55 or 25 years of service (including sick leave).
Benefit Calculation:
FAS (Final Average Salary) = average of member’s highest 78 consecutive pay periods (36 months) salary
- 2.8% x FAS x Years of Benefit Service x 1.03 (Plans A & B)
- 2.8% x FAS x Years of Benefit Service (Plan C)
- Police do not contribute to Social Security and will not receive Social Security benefits based on this service. (Sick leave is credited as service (but not for vesting) and in the computation of highest 78 consecutive pay periods).
2. Early Service Retirement
Eligibility:
20 years of service (including sick leave).
Benefit Calculation:
Same as Normal Service Retirement but reduced by a percentage determined by age and service at retirement.
3. Deferred Vested
Eligibility:
At least five years of retirement eligible service. Benefits begin at age 55.
Benefit Calculation:
Same as Normal Service Retirement.
4. Ordinary Disability Retirement
Eligibility:
An officer becomes disabled, but it is not job-related.
Benefit Calculation:
Same as Normal Service Retirement.
5. Service-Connected Disability Retirement
Eligibility:
An officer becomes disabled, due to a job-related incident or accident.
Benefit Calculation:
Disability Benefit is equal to 662/3% of the salary the member received on the date of accident or injury, less payments from Workers' Compensation. (At age 55, converts to 60% of the salary that would have been received had no injury occurred and the performance of duty continued.)
6. DROP (Deferred Retirement Option Program)
Eligibility:
Same as Normal Service Retirement.
Survivor Benefits
Before Retirement
Beneficiary or beneficiaries receive:
-
Refund of contributions UNLESS automatic benefits are payable to your surviving spouse or children.
After Retirement
Automatic benefit plus optional Joint and Contingent Spouse and Handicapped Child benefit.
Minimum/Maximum Benefits:
- Minimum: $300 annually.
- Maximum: amount allowed under I.R.C. Section 415.