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Active Member Benefits

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 Bifurcated Benefits Formula

 
   Tier I  Tier II
 General     Hired before July 1, 2011  Hired on or after July 1, 2011 
 Police     Hired before Jan. 1, 2013  Hired on or after Jan. 1, 2013
 Fire     Hired before Jan. 10, 2015  Hired on or after Jan. 10, 2015 
Note: Rehire dates can affect Tier. Please check  with the Fund if you have been rehired or you may look up your Tier on the member portal.


Benefits Overview



Handbooks
 Tier I Handbook  PDF     .mobi eBook .epub eBook
 Tier II Handbook PDF      .mobi eBook .epub eBook

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Retirement Types
Normal Retirement
A member's normal retirement date is the last day of the month in which the member's age and years of service equal 80 points, also known as Rule-of-80 or 65 years of age with a minimum of 5 years of service, whichever comes first. All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Special Retirement
Police Officers may retire after completing 25 years of service regardless of age. However, a police officer may retire under normal retirement should they reach 80 points (age and years of service equal 80) before their 25 years of service.

Early Retirement
A member who is at least fifty (50) years of age with five (5) or more years of service may take an early retirement and receive a reduced pension. Early retirement pensions are calculated using a reduced multiplier of 2.75% versus 3.00% for blue service and 2.25% versus 2.50% for orange service compared to normal retirement. Additionally, a member who leaves early is subject to an early retirement penalty of 5/12% for every month they leave early (or 5% annually) based on their normal eligibility date.

Disability Pension - In Line of Duty or Not In Line of Duty
When a member is injured in the line of duty or not in the line of duty, they have the option of applying for disability benefit. Disability benefits are subject to Board approval. If you would like more information on disability retirement benefits, please contact the Retirement Fund to talk to the disability coordinator directly at (817) 632-8900.

Retirement Options
Deferred Retirement Option Program (DROP)
A member who has attained the normal or special retirement date may elect to remain in active service with the city and defer retirement by participating in DROP. DROP allows a member to accrue a monthly amount in their DROP account equal to what the member would have received had they retired. A member may not accrue more than 60 months in DROP. The member will receive the balance of their account at member's actual separation from service.
All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Actuarial Equivalent Lump Sum
Upon normal or special retirement, members may elect to receive between 5% and 25% of the actuarial value of their retirement benefit in a lump sum payment and receive a reduced monthly pension benefit.
An application for Retirement and an Actuarial Equivalent Lump Sum for must be completed. All applications must be received by the 10th of the month to be effective the first of the following month.

Designated Beneficiary
If you are a Tier II member or a Tier I member who is unmarried, at the time of retirement, you may elect to provide a survivor benefit for one person at 25%, 50%, 75% or 100% of your benefit. The age of the designated person is a factor in the calculation of the benefit. The Member’s reduced monthly pension shall be actuarially determined, based on actuarial tables in effect on the date of the
Member’s election. Your monthly pension is reduced based on the calculation of the actuarial factors of the survivor benefit for that one designated beneficiary. For details on this benefit or calculations, please contact your member specialist.
A separate form is completed to elect this option at the time of retirement and submitted with your application for retirement.

Marriage After Retirement
If you were unmarried at the time of your retirement, did not elect the designated beneficiary option and later marry, you may elect to provide a survivor benefit for your spouse at 75%. After completing two years of marriage you will have a 6 month period in which you will need to complete a form and elect to add the survivor benefit for your spouse and reduce your benefit. The Member’s reduced monthly pension shall be actuarially determined, based on actuarial tables in effect on the date of the Member’s election, to receive a reduced monthly pension. If such an election has been made, the Member’s surviving widow or widower shall receive a monthly pension for life equal to 75% of the Member’s reduced monthly pension (subject to adjustment as provided in the Ordinance).
When electing a reduced monthly pension, a Member may elect either a “Pop-up” or “Non Pop-up” benefit reduction. Each of these two options shall be calculated under tables provided by the Actuary. Under the Pop-up option, the Member’s pension will be reduced more than under the Non Pop-up Option, because, in the event the spouse predeceases or divorces the Member, the Member’s pension will be increased to the amount that the pension would have been had the Member not made an election hereunder. Under the Non Pop-up Option, the Member’s pension will not be increased if the spouse predeceases or divorces the Member.

Divorce – Qualified Domestic Relations Order (QDRO)
Your pension benefits can be reduced if a court issues a Qualified Domestic Relations Order (QDRO) awarding your former spouse a portion of your retirement benefit. The maximum pension benefit that can be paid to your former spouse is 50% percent of your benefit. The QDRO must either provide the specific monthly amount or designate the percentage of your benefit to be paid to your former spouse. If you find yourself in the process of a divorce, please contact your Member Services Specialist and obtain a copy of the Fund’s model QDRO. Your attorney may also find this information helpful during the process. This legal document must be accepted by both the court granting your divorce and the Retirement Fund once it is complete. The Fund will need a copy of the entire Judgment of Divorce.