Police Officers' Retirement Plan

Police Officers’ Pension
Senior Pension Administrator
Gina Orlando: 954-344-1147
gorlando@coralsprings.gov

Plan Information

Employee Contribution Rate

11.5%
 
City Contribution Determined annually by Retirement Board Actuary
 
Vesting 100% after 10
 
Normal Retirement Eligibility

Any age with at least 23 years of continuous service
Age 55 with ten years of continuous service
 

Early Retirement Eligibility

 Age 50 with at least 10 years of credited service
 
Normal Form of Benefit

Life Annuity
 
Definition of Earnings

Total cash remuneration and other than base salary shall be limited to 7.5% of base
 
Benefit Multiplier

3.5%
 
Cost of Living Adjustment

Retirees receive an automatic annual 2.50% cost-of-living adjustment beginning on the January 1st immediately following their retirement with respect to benefits earned prior to October 1, 2012 and an automatic annual 1.00% cost-of-living adjustment beginning on the January 1st that occurs at least five years after their retirement with respect to benefits earned after September 30, 2012. The cost-of-living adjustment is pro-rated for retirement less than one year. (Participants who had earned at least 20 years of Credited Service as of October 1, 2012 receive the 2.50% cost-of-living adjustment with respect to their entire benefit).
Assumption Used:  
Assumed Rate of Return

 7%


Current Financial and Actuarial Reports

Related Information

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