So, You Are Thinking About Retiring! - City of Tampa

General Employees Retirement FundBob Buckhorn, MayorSo, You Are Thinking About Retiring!Information to Help Take the Mystery Out of the ProcessWhat are the different types of Retirement Plans? Longevity ‐ An employee whose employment terminates on or after his/her Normal Retirement Date provided thathe/she has been in the Service of the City of Tampa for six (6) continuous years. Deferred ‐ Any employee who has been in the Service of the City of Tampa for a period of not less than six (6)continuous years that voluntarily terminates his/her employment, or is discharged.Early Retirement ‐ Any employee, on or after his/her 55 th birthday may elect to take an Early Retirement providedthat he/she has been in the Service of the City of Tampa for six (6) continuous years.Disability Retirement ‐ Any employee who has been in the Service of the City of Tampa for six (6) continuous yearsand who becomes totally and permanently disabled physically or mentally, or both.Deferred Retirement Option Program (DROP) ‐ Any eligible employee may elect to have their pension benefitscalculated as of a certain date prior to retirement, and accumulate benefits plus the investment return during theDROP calculation period.Who can I speak to before I make a final decision to retire?Send an email request to GEPension@tampagov.net, or call 274‐7850 if you don’t have Internet access.For employee benefits, call HR/ Benefits at 274‐8041. They will assist you in obtaining a Notice of Separation and try toanswer questions concerning your separation and separation pay.I am ready to retire. What kind of documents do I need?You must complete a Notice of Separation before the Pension Office will start retirement proceedings. You can obtain thisform from your supervisor and/or your payroll assistant. Bring the following documents with you to your pre‐retirementappointment with the Pension Office:• If you are single:a. Your birth certificate or passportb. Your Social Security cardc. Your Driver’s License or Florida ID card• If you are married, in addition to the above documents, you must also bring:a. Your spouse’s birth certificate or passportb. Your spouse’s social security cardc. Your marriage licenseWhat if I don’t have my birth certificate or Social Security card?You must obtain these documents before meeting for your pre‐retirement appointment.What will be discussed at my pre‐retirement appointment? You will be given an estimated amount of your pension. You can go to the Pension Office website atwww.TampaGov.net/GEPension and click the ‘Calculator’ to see what this amount will be.• You will be given the option of enrolling in health and/or life insurance.• You will sign an application for retirement.306 East Jackson Street, 7E Tampa, Florida 33602 (813) 274‐7850 FAX: (813) 274‐7289Website / www.TampaGov.net/GEPension Email / GEPension@TampaGov.net

• If your retirement is of the longevity category, you will have the option of deducting income tax from your pensioncheck.• You will sign up for direct deposit ‐ this is mandatory. Please bring a check or deposit slip for this purpose, OR, ifyou currently have direct deposit as an employee and want to use the same bank and account number, thePension Office will use the data on file.• You will be encouraged to complete a current beneficiary form. While not mandatory, this form is encouraged inorder to lessen the stress on your family members when you pass. Please have all Social Security numbers for allbeneficiaries that you wish to include.I am 65, or over, and I have Medicare Part A and B. Am I eligible to sign up for Medicare Insurance HMO orPPO coverage?• You will be given a package of information with the telephone numbers of who can assist you. You will then mail orbring your enrollment form to the Pension Office, or email it to GEPension@TampaGov.net.I am in Division A and not 55 years‐old yet. What are my options if I want to separate from the City of Tampa?• Your first option is a Deferred Retirement: You will file for retirement, but not receive a monthly pension checkuntil you reach the age of 55.• If you have health issues, you may file for a Disability Retirement. If this is your decision, during your appointmentthe Pension Office will discuss the procedures involved. It is a rigorous process using City of Tampa appointeddoctors to ascertain the level, if any, of your disability.I am in Division B and not 62 years‐old. What are my options if I want to separate from the City of Tampa?• Your first option is a Deferred Retirement: You will file for retirement, but not receive a monthly pension checkuntil you reach the age of 62.• If you have health issues, you may file for a Disability Retirement. If this is your decision, during your appointmentwith the Pension Office they will discuss the procedures involved. It is a rigorous process using City of Tampaappointed doctors to ascertain the level, if any, of your disability.• If you are at least 55 years‐old, but NOT 62 years‐old: You may file for an Early Retirement. You will receive amonthly pension in the month following the date of your retirement.• For each month that you are NOT 62, there is a 5/12% time penalty that is deducted from what your startingpension amount would be if you had been 62. This will be the amount for your lifetime benefit.• There are several conditions for this decision:• You must file for an Early Retirement within 30 days of separating from the City of Tampa.• You cannot file for a Deferred Retirement and then decide at a later time to file for an Early Retirement.• Your starting base amount will NOT change when you reach 62.• You will receive a cost of living adjustment (COLA) each January 1 st following the year of your retirement. It will be1.2%.What if I am not 55 years‐old?• Your first option is to file for a Deferred Retirement.• You will file for retirement, but not receive a monthly pension check until you reach the age of 62.• If you have health issues, you may file for a Disability Retirement. If this is your decision, please contact thePension Office for an appointment to discuss the procedure involved.What if I want to join DROP?• You must first meet the age eligibility requirement for retirement (must be 55+ for Division A; must be 62+ forDivision B) with at least six years of consecutive Service to the City of Tampa.• The longest you may be in the DROP is seven (7) years.• There is no penalty if you leave before the seven (7) years is up.• Contact the Pension Office for an informational meeting.• You will be encouraged to consult with a financial planner before you decide to enter the DROP.We hope this helps answer some the preliminary questions you may have regarding your decision to enter retirement.Please go to the Pension Office website at www.TampaGov.net/GEPension for more information and calculators, or E‐contact the Pension Office at GEPension@TampaGov.net to schedule a pre‐retirement appointment.