How do I contact the Pension Office?
What is COLA?
What is the health care supplement?
What does vesting mean?
If I leave the city, how do I get my refund check and how long will it take?
Can I borrow against my pension?
How do I change the deductions from my pension check?
Can I buy back military time?
Can I buy back time when I was on an approved leave of absence without pay?
How do I obtain income verification and how long does it take?
How much have I paid in to the Pension Plan?
If I die after retirement and have no spouse, what happens to my benefit?
How will my Social Security be affected by my pension?
How is the pension administered?
What is the Pension Advisory Committee?
What is the Corrections Officers Pension Advisory Committee?
How much is the City of Jacksonville Retirement System worth at this time?
What makes up the City's Portfolio of Pension Investments?
What does the city's Pension Office do?
Can a current employee purchase previous service and apply that toward retirement?
Can an employee continue city insurance coverage as a retiree?
Is there a death benefit for retirees?
Will my pension be affected if I take a job after retiring?
How do I know how much I have contributed to the plan?
What type of Death & Disability Plan is offered in the Pension Plan?
What would happen if a Pension Plan member became disabled?
What if an employee fails the Pension physical?
What happens when an Active Employee dies?
How do I contact the Pension Office?
The Pension Office is located in the Jake M. Godbold Building, 407 North Laura Street, Suite 100, Jacksonville, FL 32202. The main number is 904-255-7280 or you may e-mail us at citypension@coj.net.
What is COLA?
COLA stands for Cost Of Living Allowance. Retirees are eligible to receive annual COLA increases beginning five years from their group retirement date. The COLA is fixed at 3% each year, and is paid on the first full pay period in April.
Upon retirement, each retiree is assigned a group date of April 1st, based on the fiscal year in which he or she retired. The fiscal year runs from October 1 through September 30. The group date determines when the retiree's Cost of Living Increase will commence.
For example:
If you retired on Sept. 30, 2004, your group date would be April 1, 2004. Your COLA would begin the first full pay period in April 2009.
If you retired Oct. 1, 2004, your group date would be April 1, 2005. Your COLA would begin the first full pay period in April 2010.
In this example, by retiring one day sooner, your COLA will commence a full year earlier. When setting your retirement date, the Pension Office will explain your group date based on when you would like to retire. Of course, not everyone will want to base his or her retirement on this factor alone, but it is something that you should take into consideration. Please call the Pension Office for more information at 255-7280.
What is the health care supplement?
The supplement is paid in addition to your retirement benefit. It is based on $5 per year for every year of service with the city. The minimum supplement is $25 per month and the maximum amount is $150 per month. This amount helps to offset the premium for retiree medical coverage.
What does vesting mean?
An employee is vested once they have participated in either of the Plans for 5 years. Vesting means that they have earned the right to the retirement benefits. If you leave city employment after 5 years of service, you can leave your contributions in the plan and collect a monthly pension at age 65. Alternatively, you can request a refund of your contributions and not be entitled to any additional benefits under the Plan.
If I leave the city, how do I get my refund check and how long will it take?
Paperwork will be generated by your department upon departure. You will receive a package to sign and return. It is usually 4-6 weeks after your final paycheck is issued. You will be given the choice of rolling your money over to another qualified plan without any tax implications, or cashing out and paying 20% in federal taxes.
Can I borrow against my pension?
No, there are no loan provisions in either Plan.
How do I change the deductions from my pension check?Forms are available in the "Forms Depot" on this website. You can print a copy, fill it out and send it to us. If you are unable to print it, the Pension office can send out a form to add, stop or change current deductions.
Can I buy back military time?
Yes, you may purchase up to two years of active duty military service . Time purchased may be a combination of active duty wartime and active duty non-wartime service. Non-wartime service purchased shall not exceed one year. In order to purchase military time you must be vested in the Plan. The cost to purchase this time is calculated at 20% of your current monthly earnable compensation times the amount of months you would like to purchase.
Can I buy back time when I was on an approved leave of absence without pay?
Yes, you may purchase up to 6 months of an approved leave of absence without pay. The rate is 8% of your current salary and service raise, if applicable.
How do I obtain income verification and how long does it take?
Requests for income verification must be in writing. Requests are answered within 5 - 7 days after receipt.
How much have I paid in to the Pension Plan?
Forms for this request can be found on the "Forms Depot" on this website. Our response will include contributions to the last pay cycle. Requests are generally answered within 5 - 7 days, but if requests include obtaining information from another agency such as JEA or JHA, please allow more time.
If I die after retirement and have no spouse, what happens to my benefit?
If an unmarried retiree dies, any remaining funds would then be forwarded to the retirees' estate or designated beneficiary (forms are available on the "Forms Depot" on this website). In most cases, the funds a retiree had contributed to a pension plan while an employee are usually exhausted within the first year(s) of retirement.
If there are any minor, unmarried children or handicapped children, they may be entitled to a benefit.
How will my Social Security be affected by my pension?Social Security benefits may be offset by governmental pensions such as the General Employees Pension Plan or Corrections Officers Pension Plan. Please go to "Useful Links" to view information about Social Security. If you have additional questions, please contact your local Social Security Office.
How is the pension administered?
The Plans are governed by a Board of Trustees who have a responsibility under Florida law for stewardship of the Plans' assets. The trustees operate as a public body subject to the Sunshine Law and Florida statutes governing operation of public pension plans.
As specified by the pension ordinance, the Trustees include the Chief Operating Officer, the Director of Administration and Finance and the Chief of Human Resources. Additional trustees include a representative of the Retirees Association, a representative of the Pension Advisory Committee, two outside members appointed from the investment community by City Council and a representative of the Correctional Officers Pension Advisory Committee.
The Board of Pension Trustees meets the 4th Thursday of each month at 2 p.m. and is charged with responsibility for making policy disclosure regarding the plan. In addition to monthly Board meetings, the Board of Pension Trustees also meets quarterly with the Investment Managers of the Plan to review the current status of assets, and to review and monitor the investments of the Plans' assets.
Investments are administered in accordance with applicable state statues and local ordinances and resolutions, which are included in the Plans' Statement of Investment Policy.
What is the Pension Advisory Committee?
The Pension Advisory Committee (PAC) is an elected body representing GEPP members. Employees covered by the GEPP elect members to the committee every two years. Meetings take place at the Jake M. Godbold Building, Suite 101 on the 2nd Wednesday of each month at 10 a.m..
What is the Corrections Officers Pension Advisory Committee?
The Corrections Officers Pension Advisory Committee (COPAC) is an elected committee consisting of five active contributing members who serve a two-year term. The committee was created as a separate advisory committee for certified corrections officers enrolled in the Corrections Officers Pension Plan. Meetings take place at the Jake M. Godbold Building, Suite 101on the first Tuesday of each month at 2 p.m..
How much is the City of Jacksonville Retirement System worth at this time?
Currently the Fund has $1.6 billion in assets. This fund is the largest in the State of Florida.
What makes up the City's Portfolio of Pension Investments?
The portfolio is diversified to minimize the risk of large losses. The Board of Trustees has adopted the following strategic long term asset mix for the combined assets:
40% Fixed Income (Bonds)
60% Equity Managers (Stocks)
In each of these categories, there is even a greater diversification of funds. For instance, within the equity portfolio, a different investment manager is hired to invest in small companies and another investment manager will invest in large companies. In addition, we have managers investing in companies domiciled outside the United States. This diversification allows for one investment group not to be doing well while the other groups are doing well, so that the plan is not financially hurt. At the present time, the Board has eight active managers and one passive investment manager to manage the Pension funds. These investment managers buy and sell securities on behalf of the Pension Plan within the investment category that they are responsible for.
What does the city's Pension Office do?
The Pension Office administers the day-to-day operations of the plans. They currently provide services to 4,600 pensioners and survivors and approximately 5,000 active contributing members. The staff is available to assist employees with any pension related matter 7:30 a.m.- 4:30 p.m. Monday-Friday. The office reports to the City Treasurer within the Department of Administration and Finance.
Can a current employee purchase previous service and apply that toward retirement?
Eligible participants can purchase credit for previous full-time service with the city, old county government or other covered employer. The cost of purchasing prior service is 8 percent of the employee's current regular salary plus service raises at the time of purchase, multiplied by the months and days of service purchased. Purchases can be made by either lump sum or through payroll deduction. Purchases of less than one year of time through payroll deduction must be bought in its entirety. Eligible service includes full-time permanent, provisional, temporary, contract and grant employment.
New provisions allow for the purchase of certain outside agency time at 8 percent, for up to five years, if you were employed by the City at any time between Oct. 21, 1987, and Feb. 18, 1992, and the time you would like to purchase occurred prior to Feb. 19, 1992. All other outside agency time may be purchased at the full actuarial equivalent cost. Outside agencies include: Duval County prior to consolidation; any agency of the judicial branch of government in Duval County under the Florida Retirement System; the State Attorney in Duval County; the Public Defender in Duval County; the Jacksonville Transportation Authority; the Duval County School Board; the former Duval County Hospital Authority; the employees or officers of any Duval County constitutional officer who participated in the Florida Retirement System; the Jacksonville Port Authority; the Jacksonville Aviation Authority; and the Medical Examiners Office.
Can an employee continue city insurance coverage as a retiree?
Retirees are eligible to continue coverage of themselves and eligible dependents in the city's health insurance programs. Premium rates for retirees are different than premium rates for current employees. Contact the City Employee Benefits Office at 630-1314 or JEA Benefits Office at 665-5300 for more information.
Is there a death benefit for retirees?
On the death of a married retiree, a benefit of 75 percent is paid to the retiree's spouse, provided that they have been married for at least 365 consecutive days. The spouse also receives an additional 10 percent for unmarried children under the age of 18, or for a handicapped child of any age, not to exceed 100 percent of the retiree's benefit. If the retiree is single, their beneficiary or estate will receive a refund of any remaining employee contributions. If the retiree was single and had minor children, those children could be eligible for the orphan benefit of $300 per month until they turn 18 years old or marry.
Will my pension be affected if I take a job after retiring?
A retiree may work for any outside employer after retirement without losing pension benefits. However, if the retiree becomes employed in any capacity (full-time or part-time) by any government agency that participates in the General Employees Pension Plan or the Corrections Officers Pension Plan, the pension benefit will be discontinued and pension contributions will be resumed. This includes the general government, JEA or other local government agency, but this does not apply to elected positions. The only exception is employment as part time temp baliffs and poll workers.
How do I know how much I have contributed to the plan?
The quickest and easiest way to determine your contribution amount is to look at your pay stub each pay period. Your pay statement should include the deduction amount for pension contributions for that pay cycle and then a year to date contribution amount next to it.
What type of Death & Disability Plan is offered in the Pension Plan?
A death and disability provision is offered to the members of both Plans. Following are a few examples of the Death & Disability and Waiver procedure for the Pension Plans.
What would happen if a Pension Plan member became disabled?
The employee would be able to file for a Disability Retirement Benefit. The Plan requires that the applicant be totally and permanently disabled from gainful occupation (not just current duties) in accordance with Social Security guidelines. The employee would then have to apply for a Disability Retirement, which includes completing an Employee Application, Employer Application (supervisor/department completes), and two Physician Disability Statements (completed by a doctor(s)). Next, a medical consultant for the City of Jacksonville reviews and makes a recommendation for approval or disapproval. The recommendation is then submitted to the Pension Advisory Committee and to the Board of Pension Trustees, respectively, for their approval or disapproval. The entire process from date of application may take up to six months. The benefit amount is determined by a calculated formula, which takes into consideration the employee's length of service and salary. The maximum amount an employee can receive for Disability Retirement is 50 percent.
What if an employee fails the Pension physical?
If an employee fails the pension physical, there are three options available: 1) Retake the portion of the test that you failed within six months and submit the results to HR, 2) Join the Pension Plan via a Waiver, or 3) Contribute to Social Security and not the Pension Plan. If you do not sign a Waiver you will be placed on Social Security. An application for Waiver may be obtained from the Pension office. Once an employee has submitted an application to obtain a Waiver, the Waiver will be sent to the employee who must complete, sign and have notarized. If married, the spouse of the employee must also sign and waive their rights as well. By doing so, the employee waives for him/herself and for their beneficiaries, all benefits under the Plan due to death or disability, directly or indirectly, from the pre-existing condition as noted by the physician, and from any other pre-existing conditions. If however, the employee became disabled or died from other than stated condition on Waiver, then all benefits would apply.
What happens when an Active Employee dies?
If an active employee dies, except as mentioned in the previous stated case of waived pre-existing condition, the employee would be entitled to a death benefit. If the employee were married, his surviving spouse and minor children and/or handicapped children would be entitled to a benefit. If a married, active employee dies and was not eligible for retirement due to age or length of service, then a benefit would be calculated to the nearest retirement age had that employee retired. The surviving spouse would then receive 75 percent of that benefit for the duration of their life. Surviving , unmarried, minor children would receive a percentage (10 percent for each child, not to exceed 100 percent of benefit). If an unmarried employee dies, the estate would receive the employee contributions to date, if a designated beneficiary is not named. You may download a Beneficiary Form in the Forms Depot.
For more information, contact the city's Pension Office at 255-7280. The office is located in the Jake M. Godbold Building, Suite 100, 407 North Laura Street, Jacksonville, FL, 32202.