Hey I am curious as to how city of Tampa Fire does there retirement. I know you contribute towards the retirement, how much and what goes towards the retirement. I know some cities only allow you to contribute only your base salary. Like I said I am just curious how it works.
No pension genius
We contribute a percentage of our pay each check to the pension. The rates fluctuate on how well or not so well the market does. I contribute 88.00 a paycheck to the fund, until October, when the bad economy catches up and it changes to 14%. Your salary, city sponsored off duty work and up to approx. 300 hrs. of overtime are pensionable. You can vest at 10 years but have to be retirement age to collect. At 20 years you can collect at 3.15% x your years of service. Social security is not deducted.
Ex. 20 years no drop x 3.15% = 63% of Captains pay $80,000 = $50,400 a year in retirement.
Add drop money, deferred comp, misc. investments, and SS (if you have it).
Some guys make more in retirement.
If your young enough, you can do six years in the state retirement plan and collect a second pension.
Below is a link to the city Fire and Police Pension Plan
So you are saying you are contributing about 14 % now to your pension? Also does the City match what you put in. I read the plan but is is confusing.
In October, at the beginning of the fiscal year the percentage could be anywhere close to 14%. Until the actuary comes back, which is in May, we won't know the exact amount. The fund investment manager says we should write this year off and look forward to 2010.
You can see the contributions on the home page by clicking on "Financial Statements" under reports (bottom-right). Next, Open the pdf. file and go to page 5. Scroll down to contributions and you'll see the total city, employee and state contributions.
The 13th check is a great perk. Basically the retirees get an extra check if the fund earns over a certain percentage.
The fund only paid out 80 million and is still worth 1.4 Billion.