The City of Boca Raton General Employees' Pension Plan is a single-employer defined benefit plan administered by an eight member Board of Trustees which covers regular full-time City of Boca Raton, Florida employees except police officers, firefighters, executive management employees and employees in the defined contribution plan. The Plan was established by Ordinance No. 1806, adopted April 17, 1973, by City Council. The Plan is also governed by Chapter 112, Florida Statutes.

The Plan is divided into three levels of benefit, Plan A, Plan B, Plan C (based on an employees hire date)

• Plan A - Hired prior to October 1, 1987
• Plan B - Hired from October 1, 1987 to October 31, 2007, or Transferred from Plan A
• Plan C - Hired on or after November 1, 2007 or Transferred from Plan A or B

Board of Trustees
The pension board has four members elected by employee membership and four members appointed by the City Council. Each Trustee serves a three year term:

• John Reilly, Chairman - Elected
• Carol Himes, Vice Chair - Appointed
• Lewis Duberman - Appointed
• Nicole Gasparri - Appointed
• Daryl Johnson - Elected
• Suzy Pearl - Elected
• Lewis Sarrica - Appointed
• Janice Vassell - Elected

Monthly Meetings

• Board Meeting Calendar
• Next Meeting Agenda (need link)

Contributions and Funding Policy (effective 10/22/2010):

• Plan A - 9.65% of their compensation
• Plan B - 9.65% of their compensation
• Plan C - 6.00% of their compensation

Pension Benefits:

Normal Retirement: Retirement benefits are calculated by multiplying the member's earnings averaged over five years times the member's years of continuous service times a multiplier determined by the plan level. Members become eligible for unreduced retirement benefits upon the attainment of age 65, age 55 with 20 years of service, or age 53 with 30 years of service. Plan A or B participants utilize a 3% multiplier and Plan C participants utilize a 1.75% multiplier. Members become eligible for a Rule of 68 retirement benefit when age plus service equals 68 and requires a minimum age of 50 and minimum service of 15 years. Plan A participants utilize a 2.5% multiplier and Plan B or C participants utilize a 1.50% multiplier. Members qualify for alternate unreduced early retirement upon the attainment of age 55 and completion of 15 years of service. Plan A or B participants utilize a 2% multiplier and Plan C participants utilize a 1.75% multiplier.   Early Retirement: Members qualify for early retirement upon attaining the age of 50 and completing 20 years of continuous service. If a participant terminates employment after having attained his or her early retirement date, the following two options are available: The benefits can be deferred until the member's normal retirement date, in which case the benefit will be calculated the same as normal retirement, or The member may take a reduced benefit, which may start any time prior to the normal retirement date. The reduction factor is 5% for each year by which the early retirement date precedes the normal retirement age 55.   Disability Retirement: Active employees who become disabled are entitled to receive 60% of earnings for a service incurred disability, and 50% of earnings for a non-service incurred disability, reduced by workers’ compensation or any public disability benefits. Disability benefits are paid until the earlier of death, recovery, or the end of the maximum disability benefit period. The maximum benefit period is until age 65 if the member became disabled prior to attainment of age 60 or for 60 months if the member became disabled after the attainment of age 60.   Preretirement Death Benefit: If an employee dies while an active member or on disability, the benefit is equal to 3.5 times the member's annual earnings as of the date of death or date member became disabled. The beneficiary receives an initial lump sum followed by monthly payments until the designated amount is paid in full. Interest, at a rate equal to the yield of the five-year U.S. Treasury Note on the first day of the fiscal year, is approved annually by the Board of Trustees and is credited on the unpaid balance.   Vested Benefit: If a member meets the minimum service requirement of 10 years of continuous service at the time employment terminates, the benefit will be paid when the member turns 65 or later attains the age requirement for unreduced benefits provided the service requirement for unreduced benefits was met prior to termination. A member may elect to take an immediate reduced benefit, when eligible, calculated in the same manner as for early retirement.   Termination Refunds: If termination occurs after the completion of 10 years of continuous service, the full accrued retirement benefit is payable at normal retirement date. If termination occurs prior to the completion of 10 years of continuous service, a refund of contributions is made, with interest credited at 3 percent per year, compounded annually.   Deferred Retirement Option Plan: The Deferred Retirement Option Plan (DROP) is available to all Plan members who are still actively employed and have attained age 55 with 20 years of service, age 53 with 30 years of service, or a reduced benefit at age 50 with 20 years of service. Upon electing to participate in the DROP, members are considered to have retired for purposes of the pension plan but continue to remain in active employment with the City. The member's pension benefit is calculated as if they actually retired on the date of DROP participation, using continuous service, average monthly earnings and the current multiplier as of that date. Instead of paying the benefit to the member, a DROP account is established and the benefit is deposited in the account each month; these deposits continue to accumulate during the remainder of the member's employment. City and employee contributions cease when a member elects to participate in the DROP. DROP Participants are no longer eligible for disability or preretirement death benefits from the Plan. During the period of DROP participation, the member's DROP account is credited monthly with investment earnings. The member may elect to receive the same rate that is earned on the total pension fund or they may elect to receive the federal funds rate each month. The maximum period of DROP participation is 60 months. If a member continues to remain in employment more than the maximum period, no further deposits will be made to the member's account and investment earnings will cease to be posted. There is no taxation of benefits during the period of DROP participation. Upon termination of employment, members shall receive their normal retirement benefits and may elect to receive their funds from the DROP account in a lump sum distribution or roll their account balance into a qualified instrument.   Cost-of-Living Adjustment: There are no automatic annual cost-of-living adjustments for members in the Plan.

Benefit Estimator:
Utilize this on-line system to estimate your pension benefits. Contact the pension office to receive your password and secure pin number.

DROP Account:
Utilize this on-line system to view your DROP account acitivities. Contact the pension office to receive your password and secure pin number.

Benefit Payments
Utilize this on-line system to view your benefit payments.  Contact the pension office to receive your password and secure pin number.

Summary Plan Description:
Utilize this link to view the Summary Plan Description for a detailed discussion of the plan provisions.

Boca Raton Code of Ordinances:
Utilize this link to view Chapter 12 Pensions & Retirement, Article III General Employees' Pensions

Florida Statutes:
Utilize this link to view Chapter 112, Florida Statutes

The City of Boca Raton Police and Firefighters’ Retirement System is a single-employer defined benefit plan administered by an eight member Board of Trustees which covers all City of Boca Raton, Florida police officers and firefighters. The Plan was established by Ordinance 1806, adopted April 17, 1973, by City Council. The Plan is also governed by Chapters 112, 175 and 185, Florida Statutes.

Board of Trustees
The pension board has four members selected by employee membership and four members appointed by the City Council. Each Trustee serves a two year term:

• Chris Somers, Chairman, Elected - Police
• Lee Sommer, Vice Chairman, Elected - Police
• John Girard, Secretary, Appointed
• David Birkman, Appointed
• Paul Lawless, Appointed
• Richard Johnson, Appointed
• Jeff Ross, Elected - Fire
• Matthew Welhalf, Elected - Fire

Monthly Meetings

• Board Meeting Calendar
• Next Meeting Agenda (need link)

Contributions and Funding Policy (effective 10/26/2010):
Contributions required from contributory police and firefighter members are at a rate of 10.2% of compensation.

Pension Benefits:

Normal Retirement: The earliest date at which a police officer and firefighter can receive full benefits is called the normal retirement date. The normal retirement date is the first day of the month coincident with or following completion of 20 years of continuous service or attainment of age 55 with 10 years of continuous service. There is no mandatory retirement date; employees may work past their normal retirement date and continue to accrue additional benefits. A police officer member who exercises normal retirement is entitled to receive a benefit payable monthly equal to 3.5% of the average monthly earnings for the highest two consecutive years of compensation multiplied by the member’s years of continuous service subject to a maximum of 87.5%. A firefighter member who exercises normal retirement is entitled to receive a benefit payable monthly equal to 3.4% of the average monthly earnings for the highest two consecutive years of compensation multiplied by the member’s years of continuous service subject to a maximum of 100%. Members separating from service receive a $10.50 monthly supplement per year of service.   Early Retirement: A member may be eligible for early retirement after attainment of age 50 with 10 years of continuous service. Members so qualifying may receive benefits under one of the following two options: The benefits can be deferred until the member's normal retirement date, in which case the benefit will be calculated the same as discussed above under normal retirement, or The member may take a reduced benefit, which may start any time prior to the normal retirement date. The reduction factor is 3/12 of 1% for each month prior to the normal retirement date.   Disability Retirement: Active employees under a disability retirement shall be entitled to receive a retirement benefit equal to 75% of the member's average monthly earnings or accrued benefit if the disability occurred in service. The monthly benefit for a nonservice-incurred disability is equal to the normal benefit accrued by a member with 10 years of service as of the date of the disability. Such benefit is payable from the first day of disability. Disability benefits are paid until the earlier of death or recovery from disabilty.   Preretirement Death Benefit: If an active employee dies from a service-incurred death, a lump-sum payment of $5,000 is paid to the beneficiaries. In addition, the surviving spouse receives a monthly benefit until death, equal to 75% of the average monthly earnings. An additional 7½% of the average monthly earnings is paid for each minor child, but in no event does the amount paid to the spouse and children exceed 90% of the member's average monthly earnings. The payments to the children ends upon the earlier of death, marriage, attainment of age 18, or age 22 if the child is a full-time student in an accredited school. If an active employee dies from a non-service incurred cause and has less than one year of continuous service, a single payment of $2,500 is paid to the beneficiaries. If the employee has more than one year of continuous service, a single payment of $5,000 is paid to the beneficiaries. If the employee has five or more years of service, the surviving spouse will receive a monthly pension equal to 65% of the employee's accrued pension. An additional 7½% of the average monthly earnings is paid for each minor child, but in no event does the amount paid to the spouse and children exceed 50% of the member's average monthly earnings. Payments to the children end upon the earlier of death, marriage, attainment of age 18, or age 22 if the child is a full-time student in an accredited school.   Termination Refunds: If an employee terminates employment and is not eligible for any other benefits under the system, he is entitled to the following: With less than 10 years of continuous service, a refund of the member contribution is made plus 3% annual interest, or With 10 or more years of continuous service, the pension accrued to the date of termination, payable commencing at his or her normal retirement date or at the member's option, lump-sum refund of the member contribution is made plus 3% annual interest.   Deferred Retirement Option Plan: The Deferred Retirement Option Plan (DROP) is available to active plan members who are eligible for normal retirement. Upon electing to participate in the DROP, members are considered to have retired for purposes of the pension plan but continue to remain in active employment with the City. The member's normal retirement benefit is calculated as if the member had actually retired on the date of DROP participation, using continuous service and average monthly earnings as of that date. DROP participants are no longer eligible for disabilty or preretirement death benefits from the plan. Instead of paying the benefit to the member, a DROP account is established and the benefit is deposited in the account each month; these deposits continue to accumulate during the remainder of the member's employment. The DROP account may remain a commingled part of the pension plan or may be self-directed with an established retirement corporation. City and employee contributions cease when a member elects to participate in the DROP. Member's benefits are eligible for cost-of-living increases during DROP participation. During the period of DROP participation, the member's DROP account is credited quarterly with investment earnings at the same rate that is earned on the total pension fund or as self-directed, if applicable. In addition, each member's account is charged with a portion of the administrative expenses. The maximum period of DROP participation is five years. If a member continues to remain in employment more than five years, no further deposits will be made to the member's account and investment earnings will cease to be posted. Administrative expenses will continue to be charged. There is no taxation of benefits during the period of DROP participation. Upon termination of employment, members may elect to receive their funds from the DROP account in a lump sum, annual installments or monthly annuity distributions. Benefits distributions must commence by age 70½.   Cost-of-Living Adjustment: Police officer participants eligible to receive normal retirement benefits at the time they leave employment of the City, are eligible to receive a 2% cost-of-living adjustment every year after the first year of retirement. Retirements before October 1, 2001 receive a 3% cost of living adjustment every two years. Firefighter participants eligible to receive normal retirement benefits and have 22 or more years of continuous service (or 20 years if retired prior to December 9, 2008), are eligible for an increased benefit of 3% each year once they have attained the age of 52 or have been retired one year, whichever comes later. Participants with 21 years of continuous service are eligible for the cost-of-living adjustment after two years and with 20 years of continuous service are eligible after three years. Benefits payable for service-related death and disability benefits are increased by 3% each year starting with the date they would have attained age 52. No increases apply to nonservice related death or disability benefits unless they complete 20 years of continuous service prior to their death or disability.

Benefit Estimator:
Utilize this on-line system to estimate your pension benefits. Contact the pension office to receive your password and secure pin number.

DROP Account:
Utilize this on-line system to view your DROP account acitivities. Contact the pension office to receive your password and secure pin number.

Benefit Payments
Utilize this on-line system to view your benefit payments.  Contact the pension office to receive your password and secure pin number.

Summary Plan Description:
Utilize this link to view the Summary Plan Description for a detailed discussion of the plan provisions.
Summary Plan Description - Firefighters' Pension Plan
Summary Plan Description - Police Officers' Pension Plan

Boca Raton Code of Ordinances:
Utilize this link to view Chapter 12 Pensions & Retirement, Article IV Pension Plan for Police and Firefighters

Florida Statutes:
Utilize this link to view Chapter 112 Chapter 175 and Chapter 185, Florida Statutes

Florida Municipal Police & Fire Retirement:
Utilize this link to view the website for the Municipal Police Officers and Firefighters' Retirement Trust Fund office, a section of the State of Florida Division of Retirement