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Defined Benefit Plan
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Defined Contribution Plan
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City Pension Contribution
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Amount determined by actuary (not individually owned)
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11.7%
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Employee Pension Contribution
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9.7% (pre-tax)
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7.7% (pre-tax)
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City Disability Contribution
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0.3%
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0.3%
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Employee Disability Contribution
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0.3% (pre-tax)
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0.3% (pre-tax)
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Investment Decisions
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Made by Pension Board of Trustees
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Made by Individual Employee
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Vesting Schedule
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100% vested at end of 5 years
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25% vested at end of 2 years
50% vested at end of 3 years
75% vested at end of 4 years
100% vested at end of 5 years
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Portability
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May transfer employee-only contributions (no earnings) to another qualified plan pre-tax or take as taxable income once employment ends.
After vested, may receive pension benefit at age 65 |
Can transfer all vested monies at the Vesting Schedule rate (including earnings) to another qualified plan pre-tax or take as taxable income.
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Benefit Receipt
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Benefit amount varies for each individual and is determined by retirement age & service requirements, e.g., 50% benefit at age 55 with 20 years service or 80% benefit with 32 years service (any age)
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Employee controls amount and timing of funds distribution after employment ends (in accordance with Internal Revenue Code provisions)
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Survivor Benefits
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Eligible survivor(s) will receive 75% benefit in accordance with plan provisions
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Survivor(s) inherit all remaining funds.
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