Pension Plan
*Termination and Retirement Date
Your monthly retirement check is paid at the end of each month.
If you retire one day into a month; ex. (May 2nd, June 15th ),
your pension payment will go into your DROP account for the month and your first retirement check will be at the end of the following month.
Personal and Sick Leave Payout
Remember: You will only be paid up to the max balance of personal leave you had when you entered the DROP.
You will be paid out for your Sick Leave according to your employment class.
Health Insurance/Benefits
Health Insurance is the only benefit you can add outside of the open enrollment period
Empower Retirement Tax Deferred Savings Accounts – MAP 401(k), RSVP 457, Police/ Firefighters Supplemental Share Plan
You are not required to take distribution of any of these accounts. You may vest them with Empower Retirement until you reach age 72
with no fees or penalties. Although you can no longer contribute to these accounts after you retire, you do retain investment control over them.
Please give the Retirement Office at least 30 days notice of your intent to retire.